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Midday Commentary: Recent issues from Allstate, Aflac trade better in secondary market
By Aleesia Forni
Virginia Beach, Va., June 7 - The high-grade secondary bond market saw the week's new deals from Allstate Corp. and Aflac Inc. trade tighter on Friday, traders said.
Allstate's $500 million tranche of 3.15% 10-year notes traded 3 basis points better at 96 bps bid, 92 bps offered.
The notes were priced at a spread of Treasuries plus 102 bps on Tuesday.
Meanwhile, the $500 million tranche of 4.5% 30-year bonds was quoted 1 bps tighter at 121 bps bid, 116 bps offered.
The bonds were sold at Treasuries plus 122 bps.
The holding company for insurance subsidiaries is based in Northbrook, Ill.
In another recent deal, Aflac's upsized $700 million trade of 3.625% 10-year senior notes, which priced at a spread of 150 bps over Treasuries on Monday, traded 6 bps better at 145 bps bid.
The company provides supplemental health and life insurance through its subsidiaries and is based in Columbus, Ga.
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