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Midday Commentary: Investment-grade market quiet in pre-holiday trade; Verizon firms
By Cristal Cody
Tupelo, Miss., Dec. 23 - Trading activity slowed on Monday with most books shut for the year, according to market sources.
"Quiet," a trader said.
The bond markets will close early on Tuesday and will be closed on Wednesday for the Christmas holiday.
Market participants had light economic data to digest over the morning.
The Commerce Department reported that personal income and spending for November came in mixed. Personal income rose 0.2%, below the forecasts of a 0.5% increase. Personal spending was on target at 0.5% for the month.
In the secondary market, Verizon Communications Inc.'s 5.15% notes due 2023 edged 1 basis point tighter, a trader said.
Verizon firms
Verizon's 5.15% notes due 2023 (Baa1/BBB+/A-) firmed 1 bp from Friday's session to 131 bps bid early Monday, a trader said.
The issue has tightened 11 bps since Dec. 16, according to market sources.
Verizon sold $11 billion of the 10-year notes with a spread of Treasuries plus 225 bps on Sept. 11 as part of the company's record $49 billion eight-tranche bond offering.
The telecommunications company is based in New York City.
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