Midday Commentary: Primary issuance slows; Dow Chemical's new notes trade wider

By Aleesia Forni

Columbus, Ohio, Nov. 7 - Spreads in the secondary bond market were seen wider at midday as issuance in the primary market slowed down on Wednesday on the heels of the U.S. election results, one trader said.

Another trader quoted Dow Chemical Co.'s $2.5 billion sale of notes, which priced in two maturities on Tuesday, 7 basis points to 9 bps wider.

The $1.25 billion tranche of 3% 10-year notes was seen 7 bps wider at 152 bps bid, 149 bps offered.

The notes priced at a spread of Treasuries plus 145 bps.

Meanwhile, the $1.25 billion of 4.375% 30-year bonds, which sold with a spread of 160 bps over Treasuries, traded at 169 bps bid, 166 bps offered.

The specialty chemical company is based in Midland, Mich.

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