Midday Commentary: International Flavors notes trading better in secondary market

By Aleesia Forni

Virginia Beach, Va., April 2 - International Flavors & Fragrances Inc.'s new notes sold Monday were 2 basis points tighter early Tuesday, one market source said.

The $300 million of 3.2% 10-year senior notes were quoted at 133 bps bid, 130 bps offered following Monday's sale at 137.5 bps over Treasuries.

A trader quoted the notes 2.5 bps better at 135 bps bid at Monday's close.

The maker of flavor and fragrances for food and consumer products is based in New York City.

Meanwhile, the Markit CDX Series 20 North American Investment Grade index was 2 bps tighter at a spread of 88 bps on Tuesday.

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