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Morning Commentary: High-grade bond spreads steady; Verizon, AT&T mostly unchanged
By Cristal Cody
Tupelo, Miss., Oct. 27 – Investment-grade credit spreads were flat to slightly weaker early Monday, a market source said.
The Markit CDX North American Investment Grade series 23 index closed on Friday 1 basis point tighter to a spread of 65 bps.
In early secondary trading, Verizon Communications Inc.’s 4.4% senior notes due 2034 traded unchanged to 1 bp wider, according to a market source.
AT&T Inc.’s 4.35% bonds due 2045 were flat in early trading, a source said.
Verizon stable
Verizon’s 4.4% notes due 2034 (Baa1/BBB+/A-) traded flat to 1 bp wider at 149 bps offered, a source said.
Verizon sold $2.5 billion of the 20-year notes at a spread of Treasuries plus 145 bps on Wednesday.
The telecommunications company is based in New York City.
AT&T flat
AT&T’s 4.35% notes due 2045 (A3/A-/A) were quoted unchanged in early trading at 154 bps offered, a market source said.
AT&T sold $3 billion of the bonds in 2012.
The telecommunications company is based in Dallas.
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