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Morning Commentary: Investment-grade market activity slows; UnitedHealth trades unchanged
By Cristal Cody
Eureka Springs, Ark., Dec. 19 – Little action is expected over the week in the high-grade bond market as trading desks thin ahead of the Christmas Day holiday.
No reported issuers were in the primary market early Monday.
The bond markets will close early on Friday and will be closed on Dec. 26.
In the secondary market, UnitedHealth Group Inc.’s 3.45% notes due 2027 traded wrapped around issuance.
Secondary trading volume totaled $12.6 billion on Friday, according to Trace.
UnitedHealth steady
UnitedHealth Group’s 3.45% notes due 2027 traded wrapped around issuance at 85 bps bid, according to a market source.
The company sold $750 million of 3.45% 10-year notes (A3/A+/A-) on Thursday at a spread of 85 bps over Treasuries.
The diversified health company is based in Minnetonka, Minn.
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