Midday Commentary: Recent sales from Nordstrom, Xerox trade tighter in secondary market

By Aleesia Forni

Virginia Beach, Dec. 4 - Recent deals from Nordstrom Inc. and Xerox Corp. were trading better on Wednesday, according to a trader.

Xerox's upsized $500 million issue of 2.75% senior notes was quoted 3 basis points better compared to Tuesday's close.

The trader saw the notes at 130 bps bid, 128 bps offered at mid-morning.

The notes due March 15, 2019 priced with a spread of Treasuries plus 137.5 bps on Tuesday before trading at 133 bps bid later during the session.

The maker of office machines is based in Norwalk, Conn.

In other trading, Nordstrom's $400 million issue of 5% senior notes due Jan. 15, 2044 was quoted 1 bp better at 118 bps bid, 115 bps offered.

The Seattle-based fashion specialty retailer priced the issue at Treasuries plus 120 bps on Tuesday.

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