Morning Commentary: JPMorgan tightens; Comcast flat; credit spreads mostly unchanged

By Cristal Cody

Eureka Springs, Ark., July 15 – New investment-grade bonds priced over the week traded mostly flat to tighter in secondary trading early Friday as market participants focused on the latest possible terrorist attack in Nice, France.

JPMorgan Chase & Co.’s $3 billion offering of 2.95% senior notes due 2026 that priced on Thursday traded 5 basis points tighter in the secondary market.

Comcast Corp.’s 2.35% notes due 2027 were flat in early secondary trading.

The Markit CDX North American Investment Grade index opened unchanged to modestly softer at a spread of 70 bps.

The three-month Libor yield was steady over the morning at 67 bps.

On Thursday, $16.61 billion of investment-grade issues were traded, compared to $17.06 billion on Wednesday, $21.26 billion on Tuesday and $15.87 billion on Monday, according to Trace.

JPMorgan firms

JPMorgan Chase’s 2.95% notes due 2026 traded 5 bps tighter at 140 bps offered, according to a market source.

The company sold $3 billion of the notes (A3/A-A+) on Thursday at a spread of 145 bps over Treasuries.

The financial services company is based in New York City.

Comcast unchanged

Comcast’s 2.35% notes due 2027 were unchanged early Friday at 84 bps offered, a market source said.

The company sold $1.4 billion of the notes (A3/A-/A-) on Tuesday at 85 bps over Treasuries.

The media and technology company is based in Philadelphia.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.