Midday Commentary: Primary market takes a breather, AT&T notes trading better in secondary

By Aleesia Forni

Columbus, Ohio, Dec. 7 - A quiet day is expected in the high-grade primary market as the new three tranche issuance from AT&T Inc. was tighter across the board early Friday.

A trader quoted AT&T's $1 billion of 0.8% three-year notes at 49 basis points bid, 43 bps offered.

The notes were sold at a spread of Treasuries plus 50 bps on Thursday.

The $1.5 billion tranche of 1.4% five-year notes was trading at 77 bps bid, 73 bps offered early Friday after pricing at 80 bps over Treasuries.

The trader saw the $1.5 billion tranche of 2.625% 10-year notes at 98 bps bid, 94 bps offered.

AT&T sold the notes with a spread of Treasuries plus 105 bps.

The telecommunications company is based in Dallas.

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