Midday Commentary: Williams Partners, Goldman Sachs 10-year paper firms in secondary market

By Cristal Cody

Tupelo, Miss., Feb. 28 - Investment-grade credit spreads opened Friday mostly unchanged after tightening on Thursday, according to market sources.

The Markit CDX North American Investment Grade series 21 index firmed 1 basis point to a spread of 64 bps in the previous session.

In early secondary trading, Williams Partners LP's 4.3% senior notes due 2024 traded about 3 bps better on the offered side, according to a market source.

Goldman Sachs Group Inc.'s 4% senior notes due 2024 were seen slightly better, a source said.

Williams Partners tightens

Williams Partners' 4.3% notes due 2024 traded at 165 bps offered, a source said early Friday.

The company sold $1 billion of the 10-year notes (Baa2/BBB/) at Treasuries plus 168 bps on Thursday.

Williams Partners is a Tulsa, Okla.-based energy infrastructure company.

Goldman firms

Goldman Sachs' 4% notes due 2024 firmed to 131 bps offered, 2 bps tighter than on Thursday, a source said.

Goldman sold $3 billion of the 10-year notes (Baa1/A-/A) on Wednesday at a spread of 137.5 bps plus Treasuries.

The financial services company is based in New York City.

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