Morning Commentary: Buckeye, United Technologies market new bonds; Wells Fargo mostly flat

By Cristal Cody

Eureka Springs, Ark., Oct. 27 – New high-grade primary action is expected from issuers including Buckeye Partners, LP and United Technologies Corp.

In the secondary market, Wells Fargo & Co.’s 3% notes due 2026 traded flat to about 1 basis point softer.

The three-month Libor yield was up 1 bp to 89 bps early Thursday.

The Markit CDX North American Investment Grade index was mostly unchanged at the start of the day at a spread of 75 bps.

On Wednesday, $18.91 billion of investment-grade issues were traded, compared to $19.48 billon on Tuesday and $14 billion on Monday, according to Trace.

Wells Fargo’s 3% notes due 2026 were unchanged to 1 bp weaker at 125 bps offered in secondary trading, a market source said.

The notes priced in a $3.5 billion tranche on Oct. 19 at a spread of Treasuries plus 130 bps.

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