Morning Commentary: JPMorgan paper flat; Mylan edges wider; Libor yield down 1 bp

By Cristal Cody

Eureka Springs, Ark., June 3 – Investment-grade bonds traded mostly flat in the secondary market early Friday.

JPMorgan Chase & Co.’s new 3.2% senior global notes due 2026 were unchanged but traded 1 basis point better than issuance.

Mylan NV’s 3.95% senior notes due 2026 that priced on Tuesday eased 1 bp.

The three-month Libor was down 1 bp to 68 bps on Friday.

On Thursday, $18.59 billion of investment-grade issues were traded, compared to $17.17 billion on Wednesday and about $16.8 billion on Tuesday, according to Trace.

JPMorgan flat

JPMorgan’s 3.2% notes due 2026 traded flat early Friday in the secondary market, a source said.

JPMorgan sold $1.75 billion of the notes (A3/A-/A+) on Tuesday at a spread of 137 bps over Treasuries.

The financial services company is based in New York.

Mylan eases

Mylan’s 3.95% notes due 2026 eased 1 bp in the secondary market to 218 bps offered, according to a market source.

Mylan sold $2.25 billion of the 10-year notes (Baa3/BBB-/BBB-) on Tuesday at Treasuries plus 220 bps.

The global pharmaceutical company is based in Hatfield, England.

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