Market Commentary: Light trading volumes continue; General Electric notes perform better

By Aleesia Forni

Columbus, Ohio, Oct. 2 - The secondary market saw "continued light volumes" on Tuesday, one trader said, as spreads were generally unchanged early in the session.

The recent notes from General Electric Co. saw tightening across the board by midday.

Monday's sale by General Electric included $2 billion of 0.85% three-year notes, which tightened 11 bps to 46 bps bid, 44 bps offered.

The notes were sold with a spread of Treasuries plus 55 basis points.

The $3 billion tranche of 2.7% 10-year notes, which priced at a spread of 110 bps over Treasuries, was quoted at 93 bps bid, 90 bps offered.

Meanwhile, the $2 billion tranche of 4.125% 30-year bonds traded 24 bps tighter at 111 bps bid, 108 bps offered.

The Fairfield, Conn-based technology and financial services company sold the bonds with a spread of Treasuries plus 135 bps.

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