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Morning Commentary: Focus on data, drop in jobless claims; Goldman, Wells Fargo mostly flat
By Cristal Cody
Tupelo, Miss., Jan. 29 – High-grade bonds traded mostly flat over the morning as traders focused on economic data, including an unexpected drop in unemployment claims, according to market sources.
The Labor Department reported that initial unemployment claims for the week ended Jan. 24 dropped 43,000 to 265,000, the lowest level since 2000 and below the 300,000 forecast.
Bank and financial paper was mostly unchanged to 1 basis point tighter in the secondary market, a source said.
Goldman Sachs Group Inc.’s 3.5% senior notes due 2025 firmed about 1 bp.
Wells Fargo & Co.’s 2.15% senior notes due 2020 that priced on Monday were flat.
Morgan Stanley’s 2.65% senior notes due 2020 were unchanged from Wednesday.
The Markit CDX North American Investment Grade index closed the previous session 2 bps wider at a spread of 69 bps.
Goldman improves, Wells flat
Goldman Sachs’ 3.5% notes due 2025 firmed about 1 bp to 152 bps offered, a source said.
Goldman sold $1.7 billion of the 10-year notes (Baa1/A-/A) at 170 bps over Treasuries on Jan. 20.
The financial services company is based in New York City.
Wells Fargo’s 2.15% notes due 2020 traded flat 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.
Morgan Stanley flat
Morgan Stanley’s 2.65% notes due 2020 traded flat at 118 bps bid, according to a market source.
Morgan Stanley sold $2.5 billion of the notes (Baa2/A-/A) on Jan. 22 at a spread of Treasuries plus 130 bps.
The financial services company is based in New York City.
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