Syndicate desks pack up for year; Goldman firms; Morgan Stanley flat; AT&T, Verizon stable

By Cristal Cody

Tupelo, Miss., Dec. 23 – Investment-grade primary activity has basically wrapped for the year, according to market sources on Tuesday.

“We’ve been done for the year for a few days now,” a syndicate source said. “Nothing happened today.”

Investment-grade corporate bonds and credit spreads were flat to modestly better on Tuesday in light action, sources said.

The Markit CDX North American Investment Grade series 23 index firmed 1 basis point to a spread of 64 bps.

Goldman Sachs Group Inc.’s 3.85% notes due 2024 firmed 2 bps in secondary trading over the session.

Morgan Stanley & Co. Inc.’s 3.875% notes due 2024 were flat.

In the telecommunications sector, AT&T Inc.’s 3.9% notes due 2024 traded unchanged.

Verizon Communications Inc.’s 4.15% senior notes due 2024 headed out flat.

Goldman firms

Goldman Sachs’ 3.85% notes due 2024 (Baa1/A-/A) tightened 2 bps to 135 bps bid on Tuesday, according to a market source.

Goldman Sachs sold $2.25 billion of the notes on June 30 at Treasuries plus 135 bps.

The financial services company is based in New York City.

Morgan Stanley flat

Morgan Stanley’s 3.875% notes due 2024 (Baa2/A-/A-) were quoted flat at 135 bps bid, a market source said.

Morgan Stanley sold $3 billion of the notes at a spread of Treasuries plus 130 bps on April 23, 2014.

The financial services company is based in New York City.

Verizon flat

Verizon’s 4.15% notes due 2024 (Baa1/BBB+/A-) traded flat at 148 bps offered, according to a market source.

Verizon sold $1.25 billion of the notes on March 10, 2014 at Treasuries plus 140 bps.

The telecommunications company is based in New York City.

AT&T unchanged

AT&T’s 3.9% notes due 2024 (A3/A-/A) were unchanged on Tuesday at 141 bps bid, a source said.

AT&T sold $1 billion of the notes on March 5, 2014 at 125 bps plus Treasuries.

The telecommunications company is based in Dallas.

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