Morning Commentary: High-grade market activity light to start session; Verizon notes soften

By Cristal Cody

Tupelo, Miss., April 24 – Activity in the investment-grade bond market early Monday was light.

High-grade deal volume is expected to slow over the week with about $15 billion to $20 billion of supply forecast by syndicate sources.

The three-month Libor yield was up 1 basis point to 1.16% over the morning.

Verizon Communications Inc.’s 4.125% notes due March 16, 2027 softened in early secondary trading from where the notes were seen before the weekend.

On Friday, $12.8 billion of bonds were traded, according to Trace.

Verizon softens

Verizon Communications’ 4.125% notes due March 16, 2027 were quoted early Monday at 103.45 in the secondary market, a source said.

The notes headed out on Friday at 104.40.

Verizon sold $3.25 billion of the notes (Baa1/BBB+/A-) on March 13 at 99.256 and a spread of Treasuries plus 160 bps.

The telecommunications company is based in New York City.

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