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Morning Commentary: High-grade credit spreads move wider; Oracle, Wells Fargo improve
By Cristal Cody
Tupelo, Miss., July 10 – Investment-grade credit spreads moved wider over the morning on a round of negative news in Europe, including a delayed short-term note interest payment from Portugal’s Espirito Santo Financial Group SA and a cancelled bond sale from Banco Popular Espanol, SA in Spain, according to market sources.
Bonds had improved on Wednesday, and the Markit CDX North American Investment Grade series 22 index ended the previous day 1 basis point tighter at a spread of 57 bps.
In the secondary market, Oracle Corp.’s 3.4% notes due 2024 traded about 1 bp better, a market source said.
Secondary activity picked up in Wells Fargo & Co.’s 2.125% notes due 2019 that priced in April, according to market sources. The notes were quoted about 5 bps tighter from the previous session.
Oracle firms
Oracle’s 3.4% notes due 2024 (A1/A+/A+) firmed about 1 bp to 83 bps offered, according to a market source.
The notes rose to 100.15 in early trading after ending at 100.07 on Wednesday, a source said.
Oracle sold $2 billion of the 10-year notes at 90 bps over Treasuries, or 99.773 to yield 3.427%, on June 30.
The computer software and technology company is based in Redwood City, Calif.
Wells Fargo tightens
Wells Fargo’s 2.125% notes due 2019 (A2/A+/AA-) firmed 5 bps to 41 bps offered, a source said.
The notes edged lower to 100.12 over the morning from where the issue ended at 100.19 on Wednesday, according to a market source.
Wells Fargo sold $1.75 billion of the notes on April 14 at a spread of Treasuries plus 57 bps. The notes priced at 99.788 to yield 2.17%.
The bank is based in San Francisco.
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