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Morning Commentary: Investment-grade bonds mixed in early trading; Verizon eases; RBS firms
By Cristal Cody
Tupelo, Miss., July 28 – Investment-grade market activity is expected to pick up on Monday with new issuance, while the market is mostly focused on the upcoming two-day Federal Reserve policy meeting, sources said.
Issuers including United Airlines, Inc., EQT Midstream Partners, LP and Credit Suisse Group AG plan to be in the primary market over the session.
The Federal Open Market Committee is scheduled to meet on Tuesday and Wednesday.
High-grade corporate bonds were mostly mixed in secondary trading, while spreads remain steady, a source said.
The Markit CDX North American Investment Grade series 22 index ended unchanged on Friday at a spread of 59 basis points.
Verizon Communications Inc.’s 6.55% bonds due 2043 eased 5 bps in the secondary market, a market source said.
Royal Bank of Scotland Group plc’s 5.125% subordinated tier 2 notes due 2024 traded 5 bps tighter, according to a market source.
Verizon eases
Verizon’s 6.55% bonds due 2043 (Baa1/BBB+/A-) eased 5 bps to 159 bps offered, a market source said early Monday.
Verizon sold $15 billion of the bonds at a spread of Treasuries plus 265 bps on Sept. 11, 2013.
Verizon announced in the previous week that it plans to exchange the bonds for new notes due 2046.
The telecommunications company is based in New York City.
RBS firms
Royal Bank of Scotland’s 5.125% notes due 2024 (Ba3/BB+/BBB-) tightened 5 bps to 244 bps offered, a source said.
Royal Bank of Scotland sold $2.25 billion of the 10-year notes on May 21 at Treasuries plus 270 bps.
The financial services company is based in Edinburgh.
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