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Midday Commentary: High-grade bond market quiet; Procter & Gamble firms; Verizon mixed
By Cristal Cody
Tupelo, Miss., Oct. 31 - Activity in the high-grade bond market stayed quiet early Thursday as market participants continue to weigh the Federal Open Market Committee statement released on Wednesday, sources said.
"Seems a little quiet," one trader said. "The CDX is basically unchanged."
The Markit CDX North American Investment Grade series 21 index eased 2 basis points to a spread of 73 bps on Wednesday.
"Not much is going on so far," a trader at another desk said. "There was a flurry first thing this morning, but now things have died down."
In the secondary market, Procter & Gamble Co.'s 1.6% notes due 2018 firmed about 5 bps from where the issue priced on Wednesday, a trader said.
P&G better
Procter & Gamble's 1.6% notes due 2018 (Aa3/AA-/) traded at 35 bps bid early Thursday, according to a trader.
Proctor & Gamble sold $1 billion of the five-year notes at 40 bps over Treasuries as part of a three-part $2 billion offering on Wednesday.
The company is a Cincinnati-based consumer products company.
Verizon flat to wider
In other trading over the morning session, Verizon Communication Inc.'s notes were mostly unchanged from the previous day, a trader said.
Verizon's 5.15% notes due 2023 were quoted flat at 155 bps bid, 152 bps offered.
The company sold $11 billion of the 10-year notes with a spread of Treasuries plus 225 bps as part of its record $49 billion eight-tranche offering of notes (Baa1/BBB+/A-) brought on Sept. 11.
Verizon's tranche of 6.55% bonds due 2043 went out "a touch wider" on Wednesday and traded early Thursday at 181 bps bid, 177 bps offered, the trader said. The bonds were quoted Wednesday morning at 178 bps bid, 176 bps offered.
Verizon sold $15 billion of the 30-year bonds with a spread of Treasuries plus 265 bps.
The telecommunications company is based in New York City.
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