Morning Commentary: High-grade primary subdued as spreads ease; Ensco trades flat to tighter

By Aleesia Forni

Virginia Beach, Sept. 25 – High-grade corporate bonds spreads were flat to wider overall on Thursday in the secondary market, while the primary market was quiet early during the session.

The Markit CDX North American Investment Grade series 22 index closed Wednesday’s session 1 basis point tighter at a spread of 59 bps.

Ensco plc’s new $1.25 billion of senior notes traded better during the session.

The $625 million of 4.5% 10-year notes, which priced at Treasuries plus 195 bps, traded 2 bps tighter at 192 bps bid, 190 bps offered.

The $625 million of 5.75% 30-year bonds traded flat from Thursday’s close at 247 bps bid.

The notes priced at Treasuries plus 250 bps.

The oil and gas services company is based in London.

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