Morning Commentary: Credit Suisse tightens in secondary; high-grade credit spreads flat

By Cristal Cody

Tupelo, Miss., March 25 – Credit Suisse Group Funding (Guernsey) Ltd.’s senior notes (A2/BBB+/A) that were brought to market on Monday tightened in secondary trading, a source said early Wednesday.

Investment-grade credit spreads remained mostly flat over the morning, according to market sources.

Three-month Libor yield was flat at 27 basis points on Wednesday.

The Markit CDX North American Investment Grade series 23 index was unchanged at a spread of 63 bps.

Credit Suisse tight

Credit Suisse Group Funding’s 2.75% notes due 2020 traded better at 128 bps offered, a market source said.

Credit Suisse Group sold the five-year notes at Treasuries plus 137.5 bps on Monday.

The company’s tranche of 3.75% notes due 2025 firmed to 175 bps offered, the source said.

The issue priced in a $2.5 billion offering on Monday at Treasuries plus 187.5 bps.

Credit Suisse Group Funding is part of the financial services company based in Zurich.

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