Key Moments
- Oracle (NYSE:ORCL) bonds traded significantly tighter than the broader technology investment-grade universe, based on Bloomberg BVAL data.
- DXC Technology and Concentrix bonds showed notably wider spreads versus peers on a three-month relative basis.
- Salesforce’s 5.2% 2033 bond registered the highest trading volume among tightening bonds at $16.18 million.
Oracle Leads Tightening in Tech Credit
Investing.com — An Oracle (NYSE:ORCL) bond moved to an unusually tight level relative to other technology sector credits on Tuesday, while paper from DXC Technology and Concentrix traded materially wider, according to a Bloomberg analysis of U.S. dollar-denominated investment-grade bonds.
Oracle’s 4.5% note maturing May 6, 2028 yielded 64.7 basis points above comparable U.S. Treasuries, based on BVAL pricing. The difference in spread versus the average of its industry peers was calculated as 4.05 standard deviations tighter than the bond’s three-month average relationship to that peer group.
Widening in DXC Technology and Concentrix
At the other end of the spectrum, DXC Technology’s 2.375% bond due Sept. 15, 2028 yielded 149.3 basis points over Treasuries. When measured against its technology sector peers, that spread was 2.68 standard deviations wider than its three-month average.
The article also noted that Concentrix bonds showed wider spreads versus the peer group, though specific bond terms and spread levels were not detailed.
Additional Oracle Issue Also Tightens
Another Oracle issue featured prominently among tightening bonds. The company’s 6.15% note maturing Nov. 9, 2029 traded at a spread of 94.8 basis points over Treasuries. On a three-month relative basis, that level was 3.4 standard deviations tighter versus peers.
The 6.15% 2029 Oracle bond changed hands at a price of $103.121 with a trading volume of $6.99 million.
| Issuer | Coupon | Maturity | Spread to Treasuries (bps) | Relative Move vs 3M Avg (Std Dev) | Price | Volume (USD) |
|---|---|---|---|---|---|---|
| Oracle (NYSE:ORCL) | 4.5% | May 6, 2028 | 64.7 | 4.05 tighter | Not stated | Not stated |
| DXC Technology | 2.375% | Sept. 15, 2028 | 149.3 | 2.68 wider | Not stated | Not stated |
| Oracle (NYSE:ORCL) | 6.15% | Nov. 9, 2029 | 94.8 | 3.4 tighter | $103.121 | $6.99 million |
| Nvidia | 1.55% | June 15, 2028 | 4.3 | 2.8 tighter | Not stated | Not stated |
| Dell Technologies | 7.1% | April 15, 2028 | 34.5 | 2.7 tighter | Not stated | Not stated |
| Salesforce | 5.2% | March 15, 2033 | 89 | Not stated | Not stated | $16.18 million |
Other Tech Credits Showing Tighter Spreads
Several other large-cap technology names also featured in the list of bonds tightening relative to their peers on a three-month comparative basis.
Nvidia’s 1.55% note maturing June 15, 2028 yielded 4.3 basis points above Treasuries, a level assessed as 2.8 standard deviations tighter than its three-month average versus the peer group.
Dell Technologies’ 7.1% bond due April 15, 2028 traded at a spread of 34.5 basis points, which Bloomberg’s analysis showed to be 2.7 standard deviations tighter than its own three-month average versus comparable technology credits.
Salesforce’s 5.2% bond maturing March 15, 2033 recorded the largest trading volume among the tightening cohort, at $16.18 million, with a spread of 89 basis points over Treasuries.
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