Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Verizon Communications Inc. > News item |
Midday Commentary: Investment-grade bonds weak in morning session; Orange notes ease
By Cristal Cody
Tupelo, Miss., Jan. 31 - Investment-grade bond spreads opened slightly wider early Friday as stocks continue to take a hit in a risk-off trade over emerging market concerns, according to market sources.
"Bonds don't look too bad yet, a bit wider," a trader said.
In the secondary market, Orange SA's new 2.75% notes due 2019 eased 1 basis point from where the notes traded late Thursday but remain more than 5 bps tighter than issuance, according to a trader.
Verizon Communications Inc.'s $500 million issue of 5.9% $25-par notes due 2054 that priced at par on Thursday was not seen in secondary trading early Friday, a trader said. The notes are callable in 2019.
Verizon is a New York City-based telecommunications company.
Orange eases
Orange's 2.75% notes due 2019 (Baa1/BBB+/) traded at 117 bps bid, 114 bps offered over the morning on Friday, a trader said.
The notes were quoted late Thursday at 116 bps bid, 113 bps offered in the secondary market, a trader said.
Orange sold $750 million of the five-year notes with a spread of Treasuries plus 125 bps on Thursday as part of a $1.6 billion two-part offering of notes.
The telecommunications company is based in Paris.
© 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.