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Morning Commentary: Anadarko unchanged; Berkshire Hathaway firms; credit spreads ease
By Cristal Cody
Eureka Springs, Ark., March 16 – Investment-grade bonds traded mixed at the start of Wednesday’s session ahead of the Federal Reserve’s policy meeting announcement scheduled for later in the day.
No policy change is expected from the March meeting, but market participants are looking for signs of a June rate hike.
Anadarko Petroleum Corp.’s senior notes (Ba1/BBB/BBB) were mostly unchanged in the secondary market after softening on Tuesday.
Berkshire Hathaway Inc.’s 3.125% senior notes due 2026 traded about 6 basis points tighter.
Credit spreads continued to soften on Wednesday. The Markit CDX North American Investment Grade index opened the session 2 bps weaker at a spread of 91 bps.
The three-month Libor yield was up 1 bp to 64 bps over the morning.
Trading volume climbed to $19.25 billion on Tuesday from $14.21 billion on Monday, according to Trace.
Anadarko unchanged
Anadarko Petroleum’s 5.55% notes due 2026 were unchanged in early secondary trading at 359 bps offered, according to a market source.
The 10-year notes traded more than 15 bps wider over Tuesday’s session.
Anadarko Petroleum sold $1.1 billion of the bonds on Monday at a spread of Treasuries plus 362.5 bps.
The independent oil exploration and production company is based in The Woodlands, Texas.
Berkshire Hathaway improves
Berkshire Hathaway’s 3.125% notes due 2026 traded about 6 bps tighter at 94 bps offered early Wednesday, a market source said.
The company sold $2.5 billion of the notes (Aa2) on March 8 at a spread of 130 bps over Treasuries.
Berkshire Hathaway is an Omaha-based holding company for subsidiaries.
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