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Midday Commentary: ITC notes slightly better as overall high-grade market mostly flat
By Aleesia Forni
Virginia Beach, Va., July 8 - The high-grade secondary bond market saw ITC Holdings Corp.'s recent deal trading better early Monday, a trader said.
Meanwhile, the broader market was mostly flat, and the Markit CDX North American Investment Grade index was unchanged compared to Friday's close at a spread of 85 basis points.
"Pretty quiet start to the week so far," one trader said at mid-morning.
ITC Holdings' $250 million of 4.05% 10-year notes traded 2 bps better at 155 bps bid, 150 bps offered.
The company sold the notes at a spread of Treasuries plus 155 bps on June 26.
The $300 million tranche of 5.3% 30-year bonds was 1 bp tighter at 175 bps bid, 170 bps offered.
ITC Holdings sold the bonds at a spread of 175 bps over Treasuries.
The power transmission company is based in Novi, Mich.
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