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Midday Commentary: JPMorgan, John Deere notes trading mostly weaker in secondary market
By Aleesia Forni
Columbus, Ohio, Jan. 22 - Recent deals in the investment-grade secondary market were trading mostly wider on Tuesday following the extended weekend.
One trader quoted JPMorgan Chase & Co.'s $1.25 billion tranche of 1.8% five-year notes 3 basis points weaker at 108 bps bid, 106 bps offered.
The notes were sold at a spread of 103 bps over Treasuries on Thursday before widening to 105 bps bid on Friday.
JPMorgan's $2.75 billion of 3.2% notes due 2023 were trading flat at 137 bps bid, 134 bps offered.
The New York City-based financial services company priced the notes at Treasuries plus 133 bps.
John Deere's $500 million of 0.75% notes due 2016 were quoted 5 bps wider at 45 bps bid, 40 bps offered.
The notes were priced at 40 bps over Treasuries on Thursday.
The funding arm of agriculture and industrial equipment maker Deere & Co. is based in Moline, Ill.
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