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Morning Commentary: Bank, financial paper softens in early trade; telecom bonds ease
By Cristal Cody
Tupelo, Miss., Oct. 10 – High-grade bank and financial paper traded about 1 basis point to 3 bps weaker after credit spreads widened in the previous session, a source said early Friday.
JPMorgan Chase & Co.’s 3.875% notes due 2024 were quoted about 7 bps wider from where the paper traded on Monday, according to the market source.
The Markit CDX North American Investment Grade series 23 index ended 3 bps wider at a spread of 70 bps on Thursday.
Bonds in the telecommunications sector also widened, a market source said.
AT&T Inc.’s 4.35% bonds due 2045 traded 2 bps wider in the secondary market, a source said.
Also weaker was Verizon Communications Inc.’s 5.15% notes due 2023 , which eased 1 bp, a source said.
JPMorgan softens
In the financial sector, JPMorgan’s 3.875% notes due 2024 (A3/A/A+) eased 3 bps to 158 bps offered, according to a market source early Friday.
The notes were early Monday at 151 bps offered.
JPMorgan sold a $3 billion add-on of the notes on Sept. 3 at Treasuries plus 153 bps. The issue originally priced in a $1.5 billion offering on Jan. 21, 2014 at Treasuries plus 112.5 bps.
The financial services company is based in New York City.
AT&T bonds ease
AT&T’s 4.35% notes due 2045 (A3/A-/A) eased 2 bps to 159 bps offered, a market source said.
AT&T sold $3 billion of the bonds in 2012.
The telecommunications company is based in Dallas.
Verizon edges wider
Verizon’s 5.15% notes due 2023 (Baa1/BBB+/A-) eased 1 bp to 120 bps offered, according to a market source.
Verizon sold $11 billion of the notes at Treasuries plus 225 bps on Sept. 11, 2013.
The telecommunications company is based in New York City.
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