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Morning Commentary: Investment-grade bonds mixed; Barclays firms; Kinder Morgan eases
By Cristal Cody
Tupelo, Miss., Dec. 2 – High-grade bonds were mixed in early secondary trading on Tuesday ahead of planned issuance from companies including DirecTV Holdings LLC, American Express Co. and Morgan Stanley & Co. Inc., market sources said.
Spreads weakened on Monday, and the Markit CDX North American Investment Grade series 23 index ended 2 basis points wider at a spread of 63 bps.
In the secondary market, Barclays plc’s 2.75% senior notes due 2019 traded about 1 bp better, according to a market source.
Kinder Morgan Energy Partners LP’s senior notes that priced a week ago were modestly weaker in the secondary market but remain better than issuance, a source said.
Barclays improves
Barclays’ 2.75% senior notes due 2019 traded about 1 bp better at 110 bps bid, a source said.
The notes (A3/A-/A) were quoted lower at 100.20 to yield 2.706% over the morning from where the paper last traded at 100.51 to yield 2.639% on Monday, according to a market source.
Barclays sold $2 billion of the notes at 99.648 to yield 2.826% and with a spread of Treasuries plus 120 bps on Nov. 3.
The financial services company is based in London.
Kinder Morgan eases
Kinder Morgan Energy Partners’ 5.55% bonds due 2045 eased 1 bp to 252 bps bid, a market source said.
The bonds (Baa3/BBB-/BBB-) fell to 100.577 to yield 5.51% in early trading from 100.978 to yield 5.483% in Monday’s session, a source said.
The company sold $1.75 billion of the bonds at 99.663 to yield 5.573% and with a spread of Treasuries plus 255 bps as part of a $6 billion five-part notes offering on Nov. 24.
The pipeline operator is based in Houston.
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