Morning Commentary: H.B. Fuller prepares to price investment-grade notes; Apple bonds soften

By Cristal Cody

Tupelo, Miss., Feb. 9 – H.B. Fuller Co. announced plans on Thursday to tap the high-grade bond market with an offering of notes.

The three-month Libor yield was unchanged at 1.04% at the start of the session, a market source said.

Apple Inc.’s notes (Aa1/AA+) that priced a week ago softened in secondary trading as the session opened.

Secondary trading volume totaled $22.1 billion on Wednesday, compared to $22.09 billion on Tuesday and $15.53 billion on Monday, according to Trace.

Apple softens

Apple’s 3.5% notes due Feb. 9, 2027 softened to 100.87 in early secondary trading from where the notes last traded on Wednesday at 101.45, a market source said.

The company sold $2.25 billion of the notes on Feb. 2 at par, or Treasuries plus 88 basis points.

Apple’s 4.25% notes due Feb. 9, 2047 dropped a point to 101.40 in morning trading. The notes last traded on Wednesday at 102.40.

The bonds priced on Feb. 2 in a $1 billion tranche at 99.798 to yield 4.262%, or Treasuries plus 115 bps.

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

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