Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Verizon Communications Inc. > News item |
Midday Commentary: Investment-grade bond spreads unchanged; Verizon long bonds rise
By Cristal Cody
Tupelo, Miss., March 24 - Investment-grade bond spreads were unchanged in early trading on Monday, according to a market source.
The Markit CDX North American Investment Grade series 22 index closed on Friday 1 basis point tighter at a spread of 71 bps.
"Corporate bond spreads remain at pre-FOMC levels, but corporate bond prices have been taken below those levels thanks to the 10-20 bps moves higher in government bond yields following the statement release/[Federal Reserve chairman Janet] Yellen's press conference," RBC Capital Markets, LLC analysts said in a morning note.
In the secondary market on Monday, Verizon Communications Inc.'s long bonds (Baa1/BBB+/A-) traded slightly higher, according to a market source.
Verizon climbs
Verizon's 6.55% bonds due 2043 rose to 120.93 in early trading on Monday, more than 2 points higher than a week ago, a source said.
Verizon sold $15 billion of the 30-year bonds at 99.883 to yield 6.559% on Sept. 11.
The telecommunications company is based in New York City.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.