Syndicate desks pack up for year; Goldman firms; Morgan Stanley flat; AT&T, Verizon stable

By Cristal Cody

Tupelo, Miss., Dec. 23 – Investment-grade primary activity has basically wrapped for the year, according to market sources on Tuesday.

“We’ve been done for the year for a few days now,” a syndicate source said. “Nothing happened today.”

Investment-grade corporate bonds and credit spreads were flat to modestly better on Tuesday in light action, sources said.

The Markit CDX North American Investment Grade series 23 index firmed 1 basis point to a spread of 64 bps.

Goldman Sachs Group Inc.’s 3.85% notes due 2024 firmed 2 bps in secondary trading over the session.

Morgan Stanley & Co. Inc.’s 3.875% notes due 2024 were flat.

In the telecommunications sector, AT&T Inc.’s 3.9% notes due 2024 traded unchanged.

Verizon Communications Inc.’s 4.15% senior notes due 2024 headed out flat.

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