| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for Public Service Electric & Gas Co. > News item |
Midday Commentary: High-grade bond spreads unchanged; Wells Fargo flat; Bank of America firms
By Cristal Cody
Tupelo, Miss., May 28 - Primary activity in the investment-grade bond market appeared set for heavier action on Wednesday with several deals in the line-up for the day, according to market sources.
Issuers including Walt Disney Co., Enbridge Inc. and Public Service Electric Gas & Co. were expected to price notes during the session.
Bond spreads were flat in morning trading, a source said.
The Markit CDX North American Investment Grade series 22 index was unchanged at a spread of 63 basis points.
Financial paper was flat following Wells Fargo & Co.'s $4.5 billion three-part offering of senior notes on Tuesday, according to market sources.
Wells Fargo's existing notes were mostly unchanged in early trading, a source said.
Bank of America Corp.'s 4% senior notes due 2024 firmed about 1 bp in the secondary market, a source said.
Wells Fargo steady
Wells Fargo's 4.125% subordinated medium-term notes due 2023 were flat to about 1 bp wider at 120 bps offered, a source said.
The bank (A2/A+/AA-) sold $1.5 billion of the notes on Aug. 8 at Treasuries plus 160 bps.
Wells Fargo's 5.375% subordinated notes due 2043, priced in a $2 billion offering on Oct. 21 at Treasuries plus 170 bps, traded flat at 145 bps, according to a market source.
The bank is based in San Francisco.
Bank of America firms
Bank of America's 4% notes due 2024 (Baa2/A-/A) traded about 1 bp better at 125 bps offered, according to a market source.
The company sold $2.75 billion of the notes on March 27 at 137 bps over Treasuries.
Bank of America is a financial services company based in Charlotte, N.C.
© 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.