Midday Commentary: Intel's $6 billion notes issuance trading tighter in secondary market

By Aleesia Forni

Columbus, Ohio, Dec. 5 - Intel Corp.'s massive $6 billion note issuance that hit the market on Tuesday was trading better on Wednesday, a market source said.

The $3 billion tranche of 1.35% five-year notes was quoted 11 basis points tighter at 64 bps bid, 62 bps offered.

The notes priced with a spread of 75 bps over Treasuries.

The $1.5 billion of 2.7% 10-year notes that were sold with a spread of 115 bps over Treasuries were trading at 109 bps bid, 106 bps offered at midday.

The $750 million tranche of 4% 20-year notes was quoted 13 bps better at 117 bps bid, 112 bps offered.

The notes were sold with a spread of Treasuries plus 130 bps.

The $750 million of 4.25% 30-year bonds were trading 2 bps better at 148 bps bid, 141 bps offered.

The notes priced with a spread of Treasuries plus 150 bps.

The semiconductor chip maker is based in Santa Clara, Calif.

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