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Midday Commentary: Investment-grade bonds trade flat to weaker; Deutsche Bank eases
By Cristal Cody
Tupelo, Miss., Feb. 10 - Investment-grade bond spreads traded unchanged to modestly weaker in early trading on Monday with no economic data scheduled for the day, according to market sources.
Deutsche Bank AG, London branch's 2.5% senior notes due 2019 that priced on Thursday eased about 2 basis points in the secondary market, a source said.
Bond spreads tightened on Friday, and the Markit CDX North American Investment Grade series 21 index firmed 2 bps to close at a spread of 68 bps.
Deutsche Bank eases
Deutsche Bank's 2.5% notes due Feb. 13, 2019 traded slightly wider early Monday at 95 bps offered, a source said.
The notes (A2/A/A+) headed out on Friday at 94 bps bid, 93 bps offered.
Deutsche Bank sold $1 billion of the notes at a spread of Treasuries plus 100 bps on Thursday.
The financial services company is based in Frankfurt.
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