Midday Commentary: Spreads tighten in secondary; recent AutoZone deal trading better

By Aleesia Forni

Virginia Beach, Va., April 19 - The investment-grade secondary market saw new issues from Thursday's session trading mostly better on Friday, one trader commented early during the session.

The Markit CDX North American Investment Grade index was 1 basis point wider at a spread of 84 bps.

The trader added the issues were "holding up pretty well" as the session headed into midday, with AutoZone, Inc.'s recent $500 million issue of 10-year senior notes trading 3 bps better.

The 3.125% notes were quoted at 147 bps bid following Thursday's pricing at a spread of Treasuries plus 150 bps.

AutoZone is a Memphis-based automotive parts retailer.

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