Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers I > Headlines for International Business Machines Corp. > News item |
Morning Commentary: IBM continues to firm; Apple bonds tighten; credit spreads open softer
By Cristal Cody
Tupelo, Miss., Feb. 19 – High-grade bonds were mixed in early secondary trading on Friday with new issues brought over the week mostly tighter.
International Business Machines Corp.’s 3.45% senior notes due 2026 firmed about 5 basis points.
Apple Inc.’s long bonds that priced as part of a $12 billion nine-tranche sale traded about 3 bps better in the secondary market.
Credit spreads opened the session weaker. The Markit CDX North American Investment Grade index eased 2 bps at the start of the day to a spread of 119 bps.
High-grade secondary trading volume rose to $18.69 billion on Thursday from $18.81 billion on Wednesday, according to Trace.
IBM tightens
IBM’s 3.45% notes due 2026 were quoted early Friday about 5 bps better at 164 bps offered, according to a market source.
The company sold $1.35 billion of the notes (Aa3/A-/A+) on Tuesday at 170 bps over Treasuries.
The information technology and computer company is based in Armonk, N.Y.
Apple bonds firm
Apple’s 4.65% bonds due 2046 traded about 3 bps tighter over the morning at 194 bps offered, a market source said.
Apple sold $2.5 billion of the bonds (Aa1/AA+) on Tuesday at a spread of Treasuries plus 205 bps.
The computer and mobile communications device company is based in Cupertino, Calif.
© 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.