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Morning Commentary: High-grade bond market activity quiet; Goldman firms; Verizon active
By Cristal Cody
Tupelo, Miss., July 24 – Trading activity in the investment-grade bond market remained light early Thursday with desks thinning due to summer vacations, sources report.
The Markit CDX North American Investment Grade series 22 index was unchanged at a spread of 59 basis points.
Bonds were mostly tighter in the secondary market, a source said.
Verizon Communications Inc.’s 6.55% bonds due 2043 continue to be see trading action but remain flat to slightly better on the week, a source said.
Goldman Sachs Group Inc.’s 3.85% notes due 2024 that priced in June traded about 3 bps tighter than issuance, according to a market source.
Verizon stable
Verizon’s 6.55% bonds due 2043 (Baa1/BBB+/A-) were mostly unchanged from Tuesday at 161 bps offered, a source said early Thursday.
The bonds were quoted in the 163 bps to 164 bps area on Monday.
Verizon sold $15 billion of the bonds at Treasuries plus 265 bps on Sept. 11, 2013.
The telecommunications company is based in New York City.
Goldman firms
Goldman Sachs’ 3.85% notes due 2024 (Baa1/A-/A) tightened 2 bps to 132 bps offered, a market source said.
Goldman sold $2.25 billion of the notes at Treasuries plus 135 bps on June 30.
The financial services company is based in New York City.
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