Morning Commentary: ANZ paper improves in secondary trading; credit spreads soft

By Cristal Cody

Tupelo, Miss., Nov. 12 – A heavy round of supply is expected in the investment-grade bond market on Thursday after Wednesday’s U.S. Veterans Day holiday.

In the secondary market, Australia and New Zealand Banking Group’s new 3.7% notes due 2025 traded about 1 basis point better at the start of the session.

The Markit CDX North American Investment Grade 25 index was wider at a spread of 82.5 bps early Thursday after closing on Tuesday flat at 81 bps.

ANZ firms

Australia and New Zealand Banking Group’s 3.7% notes due 2025 firmed about 1 bp to 132 bps offered in the secondary market, a source said.

The company sold $750 million of the notes (Aa2/AA-/AA) as part of a $3.25 billion three-part offering on Monday at a spread of Treasuries plus 140 bps.

The financial services company is based in Melbourne, Australia.

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