Morning Commentary: Tone improves; spreads tighten in early trading; NY Life firms

By Aleesia Forni

Virginia Beach, Feb. 5 – Investment-grade bond spreads tightened early during the session on Thursday, as the market’s tone improved following a weaker session on Wednesday.

The Markit CDX North American Investment Grade index was 1 basis point tighter at a spread of 65 basis points.

New York Life Global Funding saw its newly printed $750 million of 1.95% five-year bonds (Aaa/AA+/) trade 3 bps better on Thursday.

The notes were seen at 62 bps bid after pricing with a spread of 65 bps over Treasuries on Wednesday.

Bookrunners were BofA Merrill Lynch, Goldman Sachs & Co. and J.P. Morgan Securities LLC for the Rule 144A and Regulation S deal.

The unit of mutual insurance company New York Life Insurance Co. is based in New York.

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