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Morning Commentary: High-grade bonds modestly better; Anheuser-Busch, Walgreens firm
By Cristal Cody
Eureka Springs, Ark., June 7 – Investment-grade bonds traded modestly better early Tuesday as The Street expects little chance of a summer rate hike following Federal Reserve chairman Janet Yellen’s comments on Monday, sources report.
Anheuser-Busch InBev Finance Inc.’s 3.65% notes due 2026 remain active in the secondary market and improved about 1 basis point at the start of the day.
Walgreens Boots Alliance Inc.’s 3.45% notes due 2026 firmed 4 bps.
The three-month Libor yield was unchanged at 68 bps.
On Monday, about $13.17 billion of high-grade issues were traded, according to Trace.
Anheuser-Busch improves
Anheuser-Busch InBev’s 3.65% notes due 2026 traded about 1 bp better early Tuesday at 133 bps offered in the secondary market, a source said.
The notes (A3/A-/BBB+) were seen going out on Monday 4 bps softer at 136 bps bid.
Anheuser-Busch InBev sold $11 billion of the bonds on Jan. 13 at a spread of Treasuries plus 160 bps.
The brewery is based in Leuven, Belgium.
Walgreens tightens
Walgreens’ 3.45% notes due 2026 traded 4 bps better at 161 bps offered, according to a market source.
The notes (Baa2/BBB/BBB) were sold in a $1.9 billion offering on May 26 at Treasuries plus 165 bps.
Walgreens is a Deerfield, Ill.-based drugstore chain.
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