Midday Commentary: Recent ITC Holdings notes firm slightly in secondary market

By Aleesia Forni

Virginia Beach, Va., June 28 -The recent two-part deal from ITC Holdings Corp. traded slightly tighter early during Friday's session, one market source said.

The company's $250 million of 4.05% 10-year notes, which priced at a spread of Treasuries plus 155 basis points on Wednesday, was quoted 1 bp tighter at 154 bps bid, 150 bps offered.

Meanwhile, the $300 million tranche of 5.3% 30-year bonds was seen 2 bps better compared to levels seen late Thursday at 170 bps bid, 165 bps offered.

ITC Holdings sold the bonds at a spread of 175 bps over Treasuries.

The power transmission company is based in Novi, Mich.

In other market news, the Markit CDX North American Investment Grade index was flat at a spread of 86 bps at mid-morning.

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