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Primary silent; Citigroup widens; bank, financial paper soft
By Aleesia Forni and Cristal Cody
Virginia Beach, Dec. 16 – The investment-grade primary bond market was silent again on Tuesday, as the Federal Reserve kicked off its two-day Federal Open Market Committee meeting.
Potential issuers remained on the sidelines during their “last chance” to access the primary before the end of the calendar year, a market source said.
So far, no new deals have sold this week.
Sources had predicted around $5 billion of new issuance to price prior to the end of 2014.
Another muted primary session is expected for Wednesday, with the market focused on the Fed’s policy statement.
Investment-grade bonds and credit spreads remained weaker on Tuesday, according to market sources.
The Markit CDX North American Investment Grade series 23 index eased 2 basis points to a spread of 76 bps.
Citigroup Inc.’s 3.75% notes due 2024 widened 10 bps over the day, according to a source.
Bank of America Corp.’s 4% notes due 2024 traded 3 bps weaker in the secondary market, a source said.
Morgan Stanley & Co. Inc.’s 3.875% notes due 2024 eased 3 bps, according to a market source.
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