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Morning Commentary: High-grade primary action on tap; Wells Fargo, JPMorgan paper climbs
By Cristal Cody
Eureka Springs, Ark., June 28 – The high-grade bond market is showing signs of action on Tuesday with Molson Coors Brewing Co. planning to price a three-part offering of notes, while risk markets were rebounding over the morning.
Bank and financial paper was quoted about 5 basis points to 10 bps weaker in early secondary trading as investors and traders speculate over the Brexit results.
Wells Fargo & Co.’s 4.4% subordinated notes due 2046 were trading more than 20 bps wider than where the bonds priced earlier in the month. The paper was up over the morning at 101.335 from 100.197 in the previous session.
JPMorgan Chase & Co.’s 3.2% senior global notes due 2026 eased 7 bps. The notes were quoted stronger in price at 102.791 late morning from closing at 101.682 on Monday.
The high-grade market had $12,695,000 of issues traded on Monday, according to Trace.
Wells Fargo eases
Wells Fargo’s 4.4% notes due 2046 were seen 8 bps wider early Tuesday at 211 bps offered, according to a market source.
The paper traded higher at 101.335 in the morning secondary market from 100.197 in the previous session.
Wells Fargo sold $2 billion of the notes on June 7 at 99.884 to yield 188 bps over Treasuries.
The financial services company is based in San Francisco.
JPMorgan softens
JPMorgan’s 3.2% notes due 2026 were quoted 7 bps wider at 154 bps offered in secondary trading, a source said.
The notes were quoted higher at 102.791 over the morning from where the paper ended at 101.682 on Monday.
JPMorgan sold $1.75 billion of the notes (A3/A-/A+) on May 31 at 99.96 to yield 137 bps over Treasuries.
The financial services company is based in New York.
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