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Morning Commentary: Anadarko Petroleum, Total System bonds firm; credit spreads soften
By Cristal Cody
Eureka Springs, Ark., March 15 – Investment-grade bonds opened mostly stronger on Tuesday with new issues continuing to see demand while market attention turned to presidential primaries and the Federal Reserve’s press conference on Wednesday.
In the secondary market, Anadarko Petroleum Corp.’s senior notes (Ba1/BBB/BBB) that priced on Monday remained more than 15 basis points tighter than issuance.
Total System Services, Inc.’s new 4.8% senior notes due 2026 traded 15˝ bps better than where the bonds priced on Monday.
Credit spreads eased at the start of the day. The Markit CDX North American Investment Grade index opened 2 bps weaker at a spread of 87 bps.
The three-month Libor yield was unchanged at 63 bps.
On Monday, $14.21 billion of high-grade issues were traded, according to Trace.
Anadarko Petroleum trades
Anadarko Petroleum’s 5.5% notes due 2026 were seen at 342 bps offered in secondary trading on Tuesday, a source said.
The company sold $1.1 billion of the bonds on Monday as part of a $3 billion three-tranche offering at a spread of Treasuries plus 362.5 bps. The notes headed out in aftermarket trading late Monday afternoon at 346 bps bid.
Anadarko Petroleum is a Woodlands, Texas-based independent oil exploration and production company.
Total System Services firms
Total System Services’ 4.8% notes due 2026 tightened to 272 bps offered in the secondary market, a source said.
Total System Services priced $750 million of the notes at a spread of 287.5 bps over Treasuries on Monday. The company brought a total of $1.5 billion of senior notes (Baa3/BBB-) in two tranches during the session.
Columbus, Ga.-based Total System Services is a global payments processing and solutions provider.
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