Morning Commentary: Investment-grade market activity mostly quiet; Danone bonds improve

By Cristal Cody

Eureka Springs, Ark., Oct. 28 – Investment-grade market activity was mostly quiet early Friday with bonds on average modestly better in the secondary market.

Danone SA’s $5.5 billion of notes (Baa1/BBB+) that priced in four tranches on Wednesday traded about 1 basis point to 4 bps tighter.

In the broader market, secondary trading volume rose to $20.3 billion on Thursday, compared to $18.91 billion on Wednesday, $19.48 billion on Tuesday and $14 billion on Monday, according to Trace.

Danone improves

Danone’s 2.589% notes due 2023 were quoted early Friday in secondary trading at 97 bps offered, according to a market source.

The company priced $1.5 billion of the seven-year notes on Wednesday at a spread of 100 bps over Treasuries.

Danone’s 2.947% notes due 2026 improved to 111 bps offered in the secondary market.

Danone sold $2 billion of the 10-year notes in Wednesday's offering at Treasuries plus 115 bps.

The food products company is based in Paris.

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