Midday Commentary: Dow Chemical's new notes nearly unchanged; Boardwalk paper widens

By Aleesia Forni

Columbus, Ohio, Nov. 8 - Thursday's secondary market saw Dow Chemical Co.'s $2.5 billion sale of notes, which priced in two maturities on Tuesday, trade near levels seen during the previous session.

The $1.25 billion tranche of 3% 10-year notes was seen 1 basis point wider compared to Wednesday at 153 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 168 bps bid, 164 bps offered.

The notes were quoted at 169 bps bid, 166 bps offered on Wednesday.

The specialty chemical company is based in Midland, Mich.

Meanwhile, Boardwalk Pipelines, LP's $300 million of 3.375% senior notes due 2023 widened 8 bps to 178 bps bid, 173 bps offered.

The Houston-based natural gas and liquids pipeline and storage company priced the notes on Monday at a spread of Treasuries plus 170 bps.

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