Midday Commentary: Subdued session expected as St. Jude notes firm, Westar slightly wider

By Aleesia Forni

Virginia Beach, Va., March 22 - The investment-grade bond market is expected to close the week on a muted note, one market source said early during the session.

In secondary market action, a trader quoted St. Jude Medical Inc.'s two-part issue 2 basis points to 7 bps better in Friday's trading.

The company's $900 million tranche of 3.25% 10-year notes traded at 138 bps bid, 130 bps offered following Thursday's pricing at a spread of Treasuries plus 140 bps

Meanwhile, the $700 million of 4.75% 30-year bonds, which sold at 165 bps over Treasuries, was quoted at 158 bps bid, 155 bps offered.

The maker of cardiovascular medical devices is based in St. Paul, Minn.

In other trading, Westar Energy Inc.'s bonds were quoted 1 bp wider from Thursday's close at 92 bps bid, 89 bps offered.

The company sold the $250 million of 4.1% 30-year mortgage bonds at Treasuries plus 95 bps before the issue closed Thursday's session at 91 bps bid.

The electric utility is based in Topeka, Kan.

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