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Morning Commentary: High-grade primary market quiets; American Express softens; Chevron mixed
By Cristal Cody
Tupelo, Miss., March 3 – The high-grade bond market opened mostly quiet with bonds trading mixed on Friday following more than $40 billion of supply over the week.
About $20 billion to $25 billion of new issuance was forecast for the week.
The three-month Libor yield was up 3 basis points to 1.09% over the morning, a market source said.
American Express Credit Corp.’s notes (A2/A-/A) that priced on Tuesday traded softer early Friday in the secondary market.
Chevron Corp.’s senior notes (Aa2/AA-/) brought to the primary market on Tuesday were mixed.
On Thursday, $20.9 billion of high-grade bonds were traded, according to Trace.
American Express weakens
American Express Credit’s 2.2% notes due March 3, 2020 weakened modestly early Friday to 99.89 from where the notes went out on Thursday at 99.91, according to a market source.
The company priced $2 billion of the three-year notes on Tuesday at 99.896 to yield 2.236%, or Treasuries plus 72 bps.
American Express Credit’s 2.7% notes due March 3, 2022 opened softer at 99.52 early Friday from where the notes went out on Thursday at 99.88.
American Express sold $1.75 billion of the five-year notes on Tuesday at 99.777 to yield 2.748% and a Treasuries plus 82 bps spread.
American Express Credit is a New York City-based credit card services provider.
Chevron mixed
Chevron’s 1.686% notes due Feb. 28, 2019 rose to 100.02 from 99.95 in secondary trading over the morning, according to a market source.
The company priced $550 million of the two-year notes on Tuesday at par to yield a spread of Treasuries plus 45 bps.
Chevron’s 2.895% notes due March 3, 2024 softened to 99.22 early Friday from where the notes last traded in the previous session at 99.53.
The company priced $1 billion of the seven-year notes on Tuesday at par to yield 70 bps over Treasuries.
The petroleum, chemical, mining, power and energy company is based in San Ramon, Calif.
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