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Morning Commentary: Investment-grade secondary activity light; JPMorgan, Apple steady
By Cristal Cody
Tupelo, Miss., Jan. 2 – High-grade bond trading activity stayed light early Friday as the markets reopened for the first session of 2015, according to sources.
Investment-grade bonds were mostly unchanged, a market source said.
JPMorgan Chase & Co.’s 3.625% senior notes due 2024 traded flat to 1 basis point softer, according to a market source.
Apple Inc.’s 3.45% notes due 2024 were unchanged to 1 bp better, a source said.
The Markit CDX North American Investment Grade series 23 index closed on Wednesday unchanged at a spread of 66 bps.
JPMorgan’s 3.625% senior notes due 2024 (A3/A/A+) were quoted unchanged to 1 bp wider at 114 bps offered in secondary trading, a source said.
The paper rose to 103.114 to yield 3.226% over the morning from where the notes last traded at 102.539 to yield 3.307% on Wednesday, according to a market source.
JPMorgan sold $2 billion of the notes on May 6, 2014 at par to yield a spread of Treasuries plus 110 bps.
The financial services company is based in New York City.
Apple stable
Apple’s 3.45% notes due 2024 (Aa1/AA+/) traded flat to 1 bp tighter at 68 bps offered early Friday, a market source said.
The notes were quoted at 76 bps bid on Dec. 24, a source said.
The issue traded slightly higher at 105.143 to yield 2.819% early Friday from 104.851 to yield 2.854% on Wednesday, according to a market source.
Apple sold $2.5 billion of the notes at a spread of Treasuries plus 77 bps on April 29, 2014. The notes priced at 99.916 to yield 3.46%.
The computer and mobile communications device company is based in Cupertino, Calif.
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