Morning Commentary: Coach notes tighten in early trade; Arrow Electronics improves

By Cristal Cody

Tupelo, Miss., Feb. 24 – New investment-grade corporate bonds traded mostly better in the secondary market, according to sources early Tuesday.

Coach Inc.’s 4.25% senior notes due 2025 tightened more than 10 basis points in aftermarket trading.

Arrow Electronics, Inc.’s 4% notes due 2025 traded about 3 bps better.

The Markit CDX North American Investment Grade index closed unchanged on Monday at a spread of 64 bps.

Coach tightens

Coach’s 4.25% senior notes due 2025 tightened to 212 bps offered in secondary trading, a source said.

The company priced $600 million of the notes (Baa2/BBB-/BBB) on Monday at a spread of Treasuries plus 225 bps.

Coach is a New York-based luxury leather goods company.

Arrow Electronics firms

Arrow Electronics’ 4% notes due 2025 firmed to 202 bps offered, a market source said.

The company sold $350 million of the notes (Baa3/BBB-/) on Monday at Treasuries plus 205 bps.

The maker of electronic components and enterprise computing solutions is based in Melville, N.Y.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.