Midday Commentary: Spreads flat to firm to start week amid U.S. data; Tech Data tightens

By Aleesia Forni

Columbus, Ohio, Sept. 17 - Investment-grade spreads were unchanged to tighter at the start of the week on the heels of weaker U.S. manufacturing data, sources said.

"Looks like it's maybe a little tighter overall," one trader said of the secondary market at midday.

However, another trader commented that spreads seemed to be "unchanged" from Friday's levels.

The Markit CDX Series 18 North American Investment Grade index was 2 basis points tighter at midday at a spread of 83 bps.

Meanwhile, the recent deal from Tech Data Corp. was quoted at 292 bps bid, 295 bps offered.

The $350 million 3.75% five-year notes priced at a spread of 312.5 bps over Treasuries on Friday.

Based in Clearwater, Fla., Tech Data is a technology products distribution company.

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