Midday Commentary: Spreads widen following better session open; Marathon deal firms

By Aleesia Forni

Columbus, Ohio, Oct. 25 - The investment-grade bond market was seen "better this morning," one trader said at midday, though spreads were "a little wider [going into the] afternoon."

The recent two-part deal from Marathon Oil Corp. tightened 2 basis points to 8 bps in Thursday's trading.

The trader quoted the $1 billion tranche of 0.9% three-year notes at 42 bps bid, 40 bps offered, following Wednesday's pricing at a spread of Treasuries plus 50 bps.

Meanwhile, the $1 billion of 2.8% 10-year notes were seen trading at 103 bps bid, 100 bps offered.

The notes were sold with a spread of 105 bps over Treasuries.

The international energy company for oil sands mining and gas exploration and production is based in Houston.

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