Investment-grade bonds mixed in trading; deals from GM, IBM, Goldman Sachs active

By Devika Patel

Knoxville, Tenn., Jan. 27 – While the high-grade primary market slowed on Friday, focus turned to the secondary market, where spreads on active issues were mixed.

General Motors Co.’s 6.75% notes due 2046 improved slightly to 235 basis points over Treasuries from 236 bps on Friday.

GM sold $750 million of the notes on Feb. 18, 2016 at 415 bps over Treasuries as part of a $2 billion two-tranche deal.

Meanwhile, International Business Machines Corp. saw its 3.45% notes due 2026 widen slightly to 84 bps from 83 bps.

IBM sold $1.35 billion of the notes on Feb. 16, 2016 at 170 bps over Treasuries.

But the secondary bonds that showed the most change were issued by Goldman Sachs Group, Inc.

The group’s 6.15% notes due 2018 tightened to 55 bps from 63 bps. Its 2.6% notes due 2020 tightened by 3 bps to 104 bps; Goldman’s 3.85% notes due 2024 fell 3 bps to 107 bps.

The company’s 4.25% notes due 2025 tightened to 160 bps from 167 bps, while spreads on its 6.75% notes due 2037 went the other way, widening to 190 bps from 187 bps.

© 2015 Prospect News.
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