Midday Commentary: Investment-grade bonds flat to weaker; Simon Property Group unchanged

By Cristal Cody

Tupelo, Miss., Jan. 14 - High-grade bonds traded flat to wider in the secondary market early Tuesday, in line with weaker levels on Monday, according to market sources.

The Markit CDX North American Investment Grade series 21 index eased 2 basis points to a spread of 66 bps in the previous session.

Simon Property Group LP's new 3.75% senior notes due 2024 (A2/A/) traded flat at 99 bps bid early on Tuesday, a market source said.

The notes tightened late Monday to 99 bps bid, 97 bps offered and later to 98 bps bid, according to traders.

Simon Property sold $600 million of the 10-year notes at Treasuries plus 100 bps on Monday.

The company is the operating partnership subsidiary of Indianapolis-based retail real estate investor Simon Property Group, Inc.

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