Midday Commentary: Spreads flat as market gears up for busy session; Vepco notes firm

By Aleesia Forni

Virginia Beach, Va., March 12 - Spreads in the investment-grade secondary market were "generally unchanged, maybe a little wider" to open Tuesday's trading, one market source said early during the session.

"We could see another busy [session]," the source added.

Despite the overall market, Monday's new issue from Virginia Electric & Power Co. continued to trade better on the day.

The source saw the notes trading 1 basis point better at 70 bps bid, 67 bps offered.

Virginia Electric & Power was in Monday's session with a $500 million sale of 2.75% 10-year senior notes priced at 73 bps over Treasuries.

The electric utility is based in Richmond, Va.

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