Morning Commentary: Oracle bonds active, mostly unchanged in early trading; Citigroup eases

By Cristal Cody

Tupelo, Miss., Sept. 28 – High-grade bonds were mixed in early secondary trading on Monday ahead of new supply expected from issuers including Santander Holdings USA Inc. and PECO Energy Co.

Oracle Corp.’s senior notes (A1/AA-/A+) were active in secondary trading but mostly unchanged.

Citigroup Inc.’s 3.3% senior notes due 2025 traded 2 basis points softer.

The three-month Libor yield was stable at 33 bps on Monday.

Oracle flat to tighter

Oracle’s 2.95% notes due 2025 traded flat at 118 bps offered early Monday, a market source said.

The notes were seen 4 bps tighter on Friday at 115 bps bid.

Oracle sold $2.5 billion of the notes on April 28 at 100 bps over Treasuries.

Oracle’s 4.125% bonds due 2045 firmed about 1 bp to 149 bps offered. The long bonds ended about 1 bp softer at 154 bps bid on Friday.

Oracle sold $2 billion of the bonds in the April 28 offering at Treasuries plus 145 bps.

The computer software and technology company is based in Redwood City, Calif.

Citigroup soft

Citigroup’s 3.3% senior notes due 2025 traded 2 bps weaker at 149 bps offered, according to a market source.

The notes were unchanged at 153 bps bid on Friday.

Citigroup sold $1.5 billion of the notes (Baa2/A-/A) on April 22 at Treasuries plus 135 bps.

The investment bank is based in New York.

© 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.