Morning Commentary: Verizon trades flat to modestly tighter; Citigroup mostly unchanged; CDX flat

By Cristal Cody

Eureka Springs, Ark., July 28 – Verizon Communications Inc.’s senior notes (Baa1//A-) that priced on Wednesday traded flat to modestly tighter in the secondary market early Thursday.

Citigroup, Inc.’s new 2.35% notes due 2021 were unchanged to 1 basis point softer.

The three-month Libor yield continued to climb and was up 1 bp to 74 bps on Thursday.

The Markit CDX North American Investment Grade index was unchanged over the morning at a spread of 74 bps.

High-grade secondary trading volume totaled $17.61 billion on Wednesday, compared to $16.84 billion on Tuesday and $14.69 billion on Monday, according to Trace.

Verizon mixed

Verizon’s 2.625% notes due 2026 traded wrapped around issuance in the secondary market, a source said.

Verizon sold $2.25 billion of the 10-year notes on Wednesday at Treasuries plus 115 bps.

The company’s 4.125% notes due 2046 firmed to 188 bps offered in secondary trading.

The long bonds priced on Wednesday in a $1.5 billion tranche at 190 bps over Treasuries.

Verizon is a New York City-based telecommunications company.

Citigroup flat to softer

Citigroup’s 2.35% notes due 2021 traded flat to 1 bp softer early Thursday at 124 bps offered, according to a market source.

Citigroup sold $1.75 billion of the notes (Baa1/BBB+/A) on Tuesday at a spread of 123 bps over Treasuries.

The financial services company is based in New York.

© 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.