Midday Commentary: Secondary market seen weaker; recent AT&T bonds firm in trading

By Aleesia Forni

Columbus, Ohio, Dec. 10 - Spreads in the investment-grade secondary market were leaking slightly wider at midday, while the recent issuance of notes from AT&T Inc. was trading better on Friday.

AT&T's $1 billion of 0.8% three-year notes was quoted at 47 basis points bid, 44 bps offered, a trader said.

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

The trader saw the $1.5 billion tranche of 1.4% five-year notes trading at 75 bps bid, 73 bps offered after pricing at 80 bps over Treasuries.

The $1.5 billion tranche of 2.625% 10-year notes was quoted 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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