Midday Commentary: Spreads mostly flat in secondary market ahead of July Fourth holiday

By Aleesia Forni

Virginia Beach, Va., July 3 - Spreads in the high-grade secondary bond market were mostly flat early Wednesday, as the recent two-part offering from ITC Holdings Corp. traded slightly wider on the day.

ITC Holdings' $250 million of 4.05% 10-year notes traded 1 basis point wider compared to levels seen late Tuesday at 160 bps bid, 155 bps offered, a trader said at the end of the session.

ITC Holdings sold the notes at a spread of Treasuries plus 155 bps on Wednesday.

The $300 million tranche of 5.3% 30-year bonds was quoted 2 bps wider at 177 bps bid, 172 bps offered.

ITC Holdings sold the bonds at a spread of 175 bps over Treasuries.

The power transmission company is based in Novi, Mich.

Meanwhile, the Markit CDX North American Investment Grade index was unchanged a spread of 86 bps early Wednesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.