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Morning Commentary: Investment-grade bond spreads soft; Oracle, Apple mostly weaker
By Cristal Cody
Tupelo, Miss., Aug. 1 – Investment-grade bonds remained soft early Friday in light trading after spreads widened in the previous session, according to market sources.
The Markit CDX North American Investment Grade series 22 index eased 4 basis points to a spread of 64 bps on Thursday.
Traders were focused on the day’s economic data, including the Labor Department’s July jobs report.
The Labor Department reported that non-farm payroll employment rose by 209,000 over the month, less than the 230,000 forecasted. The unemployment rate edged up to 6.2% in July from 6.1% in June.
In the secondary market, Apple Inc.’s 3.45% notes due 2024 traded flat to 1 bp tighter, a source said.
Oracle Corp.’s 3.4% notes due 2024 widened about 7 bps, according to a market source.
Apple mostly flat
Apple’s 3.45% notes due 2024 (Aa1/AA+/) edged 1 bp tighter to 79 bps offered but remain wider than issuance, according to a market source.
The notes rose to 100.89 to yield 3.342% in early trading from where the paper last traded on Thursday at 100.76 to yield 3.357%, according to a market source.
Apple sold $2.5 billion of the 10-year notes at a spread of Treasuries plus 77 bps, or 99.916 to yield 3.46%, on April 29.
The computer and mobile communications device company is based in Cupertino, Calif.
Oracle widens
Oracle’s 3.4% notes due 2024 (A1/A+/A+) widened about 7 bps to the 88 bps offered area, according to a market source on Friday.
The notes traded lower at 99.46 to yield 3.464% over the morning from 99.64 to yield 3.443% on Thursday, 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.
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