Morning Commentary: Investment-grade primary market quiet ahead of holiday; Barclays firms

By Cristal Cody

Eureka Springs, Ark., Jan. 13 – The high-grade bond market was mostly quiet early Friday ahead of the long holiday weekend with little action expected over the session.

The bond markets will be closed on Monday for the Martin Luther King holiday.

Barclays plc’s new 4.95% callable senior notes due 2047 remain active in the secondary market and were quoted about 2 basis points tighter early Friday and 7 bps better than issuance.

Secondary trading volume totaled $19.3 billion on Thursday, according to Trace.

Three-month Libor was unchanged at 1.02% at the start of the day, according to a market source.

Barclays’ 4.95% notes due 2047 traded about 2 bps tighter at 183 bps offered, according to a market source early Friday.

The company sold $1.5 billion of the notes (Baa2/BBB/A) on Jan. 3 at a spread of 190 bps over Treasuries.

Barclays is a London-based banking and financial services company.

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