Midday Commentary: Tone improves; Duke Energy notes firm; South Carolina Electric & Gas wider

By Aleesia Forni

Virginia Beach, Va., June 12 - The market's tone was improved early Wednesday, with some issuers ready to access the primary market following Tuesday's session, which saw no new deals.

The secondary market saw Duke Energy Corp.'s $500 million of 2.1% five-year senior notes trade 3 basis points better compared to levels seen late Tuesday at 93 bps bid, 90 bps offered, a trader said.

The notes priced at Treasuries plus 100 bps on Monday.

The diversified energy company is based in Charlotte, N.C.

Meanwhile, South Carolina Electric & Gas Co.'s $400 million of 4.6% 30-year bonds were quoted 2 bps wider on the day at 129 bps bid, 126 bps offered.

The Cayce, S.C.-based utility priced the offering at a spread of Treasuries plus 128 bps.

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