Midday Commentary: Chevron notes see demand, trade better in secondary market

By Aleesia Forni

Virginia Beach, Va., June 18 - Chevron Corp.'s recent $6 billion of notes, which were sold in four tranches on Monday, continued to trade tighter early during Tuesday's session, a market source said.

The $750 million of 0.889% three-year notes, which were sold at a spread of Treasuries plus 40 basis points, traded 4 bps better compared to levels seen late Monday at 34 bps bid, 30 bps offered.

The $2 billion tranche of 1.718% five-year notes traded 6 bps better at 58 bps bid, 54 bps offered.

The notes were priced at 65 bps over Treasuries.

Chevron's $1 billion tranche of 2.427% seven-year notes traded unchanged at 83 bps bid, 78 bps offered following Monday's sale at a spread of Treasuries plus 85 bps.

The $2.25 billion of 3.191% 10-year bonds traded 5 bps tighter at 95 bps bid, 92 bps offered.

Chevron priced the notes at 100 bps over Treasuries.

The petroleum, chemical, mining, power and energy company is based in San Ramon, Calif.

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