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Morning Commentary: Investment-grade bond spreads steady; Wells Fargo, Citigroup softer
By Cristal Cody
Tupelo, Miss., Oct. 8 – High-grade credit spreads opened mostly unchanged on Wednesday after softening in the first two sessions of the week, according to market sources.
The Markit CDX North American Investment Grade series 23 index eased 2 basis points to a spread of 70 bps on Tuesday.
Bank and financial paper was mostly weaker, a market source said.
Wells Fargo & Co.’s 4.1% subordinated notes due 2026 eased 3 bps in secondary trading, a source said.
Citigroup Inc.’s 2.5% notes due 2019 traded flat from where the notes priced in July, according to a market source.
Wells Fargo eases
Wells Fargo’s 4.1% notes due 2026 eased 3 bps to 152 bps offered, a source said.
The bank (A2/A+/AA-) sold the notes on May 27 at a spread of Treasuries plus 160 bps.
Wells Fargo is based in San Francisco.
Citigroup softer
Citigroup’s 2.5% notes due 2019 eased 3 bps to 85 bps offered, according to a market source early Tuesday.
The notes (Baa2/A-/A) priced in a $2 billion offering on July 22 at a spread of Treasuries plus 85 bps.
The bank is based in New York.
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