Morning Commentary: Markets largely quiet amid Jackson Hole talks; Bank of America paper eases

By Cristal Cody

Tupelo, Miss., Aug. 22 – High-grade markets opened with little activity on Friday with traders focused on the speeches by Federal Reserve chairman Janet Yellen and European Central Bank president Mario Draghi at the annual Jackson Hole, Wyoming, bankers summit.

The Markit CDX North American Investment Grade series 22 index ended on Thursday 2 basis points tighter at a spread of 56 bps.

Bank of America Corp.’s 4% notes due 2024 were softer in early trading but remain tighter from a week ago, according to a market source.

Apple Inc.’s 3.45% notes due 2024 tightened 2 bps, a source said.

Bank of America eases

Bank of America’s 4% notes due 2024 (Baa2/A-/A) eased 2 bps to 130 bps offered, a market source said.

The notes were quoted a week ago at 133 bps offered.

Bank of America sold $2.75 billion of the notes on March 27 at a spread of Treasuries plus 137 bps.

The financial services company is based in Charlotte, N.C.

Apple firms

Apple’s 3.45% notes due 2024 (Aa1/AA+/) tightened 2 bps to 78 bps offered, a market source said early Friday.

The company sold $2.5 billion of the notes at Treasuries plus 77 bps on April 29.

Apple is a computer and mobile communications device company based in Cupertino, Calif.

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