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Midday Commentary: Spreads expected to rebound following wider levels; secondary takes pause
By Aleesia Forni
Virginia Beach, Va., March 20 - The widening in investment-grade bond spreads in the secondary market slowed on Wednesday, one market source said, as spreads were mostly unchanged at the session's open.
The source added that Tuesday's active pace was not seen on Wednesday.
"It's starting off kind of slow today, but I think [players] are ready to jump back in," the market source said early during the session.
The source continued that he doesn't expect the recent widening in market spreads to continue into the rest of the week.
"We might see some tightening," the source said, namely in the week's new issues.
The Markit CDX Series 20 North American Investment Grade index was 8 basis points wider than the previous Series 19 index at 90 bps on Tuesday.
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