| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Verizon Communications Inc. > News item |
Morning Commentary: High-grade spreads at 52-week low; Verizon mixed; Bank of America flat
By Cristal Cody
Tupelo, Miss., June 24 – Investment-grade credit spreads remain tight, market sources said early Tuesday.
The Markit CDX North American Investment Grade series 22 index closed at a 52-week low on Monday, a source said.
The CDX firmed 1 basis point to end at a spread of 56 bps.
In the secondary market, Verizon Communications Inc.’s bonds, heavily traded last week, continue to be active, a source said.
Verizon’s bonds (Baa1/BBB+/A-) brought in September were mixed in early trading.
Bank of America Corp.’s 2.6% senior notes due 2019, also active in the secondary market, traded mostly flat, a source said.
Verizon mixed
Verizon’s 5.15% notes due 2023 were seen about 2 bps tighter at 105 bps offered in morning trading, according to a source on Tuesday.
The notes jumped to 113.93 in the morning from 111.46 on Monday, a market source said.
Verizon sold $11 billion of the notes at Treasuries plus 225 bps, or 99.676 to yield 5.192%, on Sept. 11, 2013.
Verizon’s tranche of 6.55% bonds due 2043 was unchanged in early trading at 150 bps offered, a source said.
The notes edged up to 125.11 in midday trading from 124.73 on Monday, according to a market source.
Verizon sold $15 billion of the bonds at Treasuries plus 265 bps, or 99.883 to yield 6.559%, in the September offering.
The telecommunications company is based in New York City.
Bank of America unchanged
Bank of America’s 2.6% senior notes due 2019 traded mostly unchanged at 63 bps offered, according to a market source.
The notes fell to 101.08 in midday trading from 101.16 on Monday, a source said.
Bank of America (Baa2/A-/A) priced a $1.25 billion add-on to the notes on Jan. 15, 2014 at Treasuries plus 87 bps. The notes priced at 100.279 to yield 2.54%.
The issue originally priced on Oct. 17, 2013 in a $2.5 billion offering at Treasuries plus 128 bps, or 98.983 to yield 2.604%.
The financial services company is based in Charlotte, N.C.
© 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.