Midday Commentary: Investment-grade bonds edge tighter; MetLife firms; Verizon flat

By Cristal Cody

Tupelo, Miss., April 15 - Investment-grade bonds opened the session slightly better as the market prepared for potential issuance ahead of the Easter holiday, according to informed sources early Tuesday.

The Markit CDX North American Investment Grade series 22 index firmed 2 basis points to a spread of 68 bps on Monday.

In the secondary market on Tuesday, MetLife Inc.'s 3.6% senior notes due 2024 edged tighter in early trading, according to a market source.

Verizon Communications Inc.'s 6.55% bonds due 2043 have been mostly unchanged over the past week, a source said.

MetLife better

MetLife's 3.6% notes due 2024 firmed about 1 bp to 86 bps offered, a market source said early Tuesday.

MetLife sold $1 billion of the 10-year notes (A3/A-/A-) on April 7 at Treasuries plus 90 bps.

The insurance and employee benefits company is based in New York City.

Verizon flat

Verizon's 6.55% bonds due 2043 traded mostly unchanged from a week ago at 154 bps offered, a source said.

The company sold $15 billion of the bonds (Baa1/BBB+/A-) at Treasuries plus 265 bps in a $49 billion eight-part offering on Sept. 11.

Verizon is a telecommunications company based in New York City.

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