Midday Commentary: British Telecom notes see demand, secondary spreads open tighter

By Aleesia Forni

Virginia Beach, Va., June 26 - British Telecommunications plc's new offering traded better early during Wednesday's session, as sources saw spreads in the high-grade secondary market mostly tighter at mid-morning.

Despite the market's positive tone, one trader said he is not expecting a great deal of activity.

A source at another desk noted that British Telecommunications' notes were 13 bps tighter at 84 bps bid, 79 bps offered.

The company priced the $600 million issue of 1.625% three-year senior notes at Treasuries plus 100 bps on Tuesday.

British Telecommunications is a London-based internet and phone services company.

Meanwhile, the Markit CDX North American Investment Grade index was unchanged at a spread of 92 bps.

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