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Morning Commentary: High-grade credit spreads soft; Amazon, Verizon firm; JPMorgan steady
By Cristal Cody
Tupelo, Miss., Dec. 8 – Investment-grade credit spreads remained soft early Monday after leaking wider on Friday following a strong November jobs report, according to market sources.
The Markit CDX North American Investment Grade series 23 index eased 1 basis point to a spread of 63 bps on Friday.
In the secondary market, Amazon.com, Inc.’s 4.95% senior notes due 2044 that were brought to market in the previous week tightened about 5 bps, a source said.
Verizon Communications Inc.’s long bonds firmed 3 bps, according to a market source.
JPMorgan Chase & Co.’s 3.875% notes due 2024 traded mostly unchanged, a market source said.
Amazon improves
Amazon.com’s 4.95% notes due 2044 (Baa1/AA-/) traded about 5 bps better at 192 bps offered, a market source said.
The company sold $1.5 billion of the bonds at Treasuries plus 205 bps on Dec. 2.
The online retailer is based in Seattle.
Verizon firms
Verizon’s 6.55% bonds due 2043 (Baa1/BBB+/A-) firmed 3 bps to 181 bps offered in secondary trading, a source said.
Verizon sold $15 billion of the bonds at a spread of Treasuries plus 265 bps on Sept. 11, 2013.
The telecommunications company is based in New York City.
JPMorgan stable
J.P. Morgan’s 3.875% notes due 2024 (A3/A/A+) traded unchanged to 1 bp tighter at 162 bps offered, according to a market source.
JPMorgan sold a $3 billion add-on to the issue on Sept. 3 at Treasuries plus 153 bps. The notes 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.
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