Morning Commentary: MetLife long bonds improve; Apple notes firm in secondary trading

By Cristal Cody

Tupelo, Miss., March 4 – High-grade corporate bonds were mixed as the session opened on Wednesday as traders prepared for strong primary activity, market sources said.

MetLife Inc.’s 4.05% bonds due 2045 traded 2 basis points tighter.

Apple Inc.’s 2.5% senior notes due 2025 firmed 2 bps.

The Markit CDX North American Investment Grade index closed 1 bp wider at a spread of 62 bps on Tuesday.

MetLife firms

MetLife’s 4.05% bonds due 2045 firmed 2 bps to 134 bps offered, a market source said.

MetLife sold $1 billion of the bonds (A3/A-/A-) at a spread of 140 bps over Treasuries on Monday.

The insurance and employee benefits company is based in New York City.

Apple gains

Apple’s 2.5% notes due 2025 tightened 2 bps to 71 bps bid, a market source said.

Apple sold $1.5 billion of the notes (Aa1/AA+/) on Feb. 2 at Treasuries plus 85 bps.

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

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