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Morning Commentary: JPMorgan firms, Goldman Sachs, Morgan Stanley paper steady in secondary
By Cristal Cody
Tupelo, Miss., Jan. 30 – High-grade corporate bonds were mixed early Friday with traders and market analysts focused on a weak gross domestic product report, sources said.
The Department of Commerce announced the fourth-quarter gross domestic product is estimated to have risen at a 2.6% annual rate, weaker than the 3% forecast and the 5% increase in the third quarter.
In secondary trading, bank and financial paper was flat to better, a source said.
JPMorgan Chase & Co.’s 2.25% notes due 2020 firmed 3 basis points.
Goldman Sachs Group Inc.’s 2.6% senior notes due 2020 traded unchanged to 1 bp tighter.
Morgan Stanley’s 2.65% senior notes due 2020 were mostly flat.
The Markit CDX North American Investment Grade index ended unchanged at a spread of 68 bps on Thursday.
JPMorgan firms
JPMorgan Chase’s 2.25% notes due 2020 (A3/A/A+) firmed 3 bps to 97 bps offered, according to a market source.
JPMorgan sold $2.5 billion of the notes on Jan. 15 at a spread of Treasuries plus 110 bps.
The financial services company is based in New York City.
Goldman steady
Goldman Sachs’ 2.6% notes due 2020 (Baa1/A-/A) traded flat to 1 bp tighter at 120 bps offered, a source said.
Goldman sold $1 billion of the five-year notes on Jan. 20 at Treasuries plus 135 bps.
The financial services company is based in New York City.
Morgan Stanley stable
Morgan Stanley’s 2.65% notes due 2020 (Baa2/A-/A) traded mostly flat at 116 bps offered, according to a market source.
Morgan Stanley sold $2.5 billion of the notes on Jan. 22 at 130 bps plus Treasuries.
The financial services company is based in New York City.
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