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Morning Commentary: Market activity thins; Wells Fargo Bank firms; Libor yield hits 100 bps
By Cristal Cody
Eureka Springs, Ark., Dec. 20 – As expected, investment-grade primary action has cooled in pre-holiday bond market activity with no reported issuers early Tuesday.
The bond markets will close early on Friday and will be closed on Dec. 26 for the Christmas Day holiday.
Wells Fargo Bank NA’s 1.8% bank notes due 2018 that priced at the start of the month were seen trading nearly 10 basis points tighter than issuance in the secondary market.
The three-month Libor yield was up 1 bp to 100 bps early Tuesday.
Secondary trading volume on Monday totaled $12.99 billion, according to Trace.
Wells Fargo Bank better
Wells Fargo Bank’s 1.8% notes due 2018 were seen in secondary trading at 61 bps offered, according to a market source.
Wells Fargo Bank sold $800 million of the two-year notes on Dec. 1 at a spread of 70 bps.
The bank is a subsidiary of San Francisco-based Wells Fargo & Co.
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