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Morning Commentary: Market activity quiet; Wells Fargo, JPMorgan, Union Pacific mostly flat
By Cristal Cody
Tupelo, Miss., Jan. 28 – High-grade bond market activity stayed mostly quiet early Wednesday ahead of the conclusion of the Federal Reserve’s two-day policy meeting, according to sources.
Market analysts do not expect any major policy change announcements.
In the secondary bond market, Wells Fargo & Co.’s 2.15% senior notes due 2020 that priced on Monday traded mostly unchanged, a source said.
JPMorgan Chase & Co.’s new 3.125% notes due 2025 traded flat to 1 basis point better, according to a source.
Union Pacific Corp.’s 3.875% senior bonds due 2055 brought on Monday were mostly unchanged, a source said.
The Markit CDX North American Investment Grade index ended 1 bp wider at a spread of 67 bps on Tuesday.
Wells Fargo notes steady
Wells Fargo’s 2.15% notes due 2020 were quoted mostly unchanged at 83 bps offered, according to a market source.
Wells Fargo sold $2 billion of the notes (A2/A+/AA-) on Monday at Treasuries plus 85 bps.
The bank is based in San Francisco.
JPMorgan paper mostly flat
JPMorgan Chase’s 3.125% notes due 2025 traded flat to 1 bp tighter at 136 bps offered, a market source said.
JPMorgan Chase sold $2.5 billion of the notes (A3/A/A+) on Jan. 15 at Treasuries plus 145 bps.
The financial services company is based in New York City.
Union Pacific stable
Union Pacific’s 3.875% bonds due 2055 traded unchanged to 1 bp better than issuance at 149 bps offered, a source said.
Union Pacific sold $450 million of the bonds (A3/A/) on Monday at Treasuries plus 150 bps.
The railroad transportation company is based in Omaha.
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