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Midday Commentary: Investment-grade bonds stable; ITC notes tighten; Wells Fargo firms
By Cristal Cody
Tupelo, Miss., May 29 - The investment-grade bond market was stable early Thursday with lighter primary action anticipated over the session following more than $5 billion of deals brought on Wednesday, according to market sources.
Calgary, Alta.-based TransAlta Corp. plans to price a U.S. dollar-denominated offering of senior notes, according to a preliminary prospectus supplement filing with the Securities and Exchange Commission.
Meanwhile bond spreads were flat over the morning, a source said.
The Markit CDX North American Investment Grade series 22 index ended the previous session unchanged at a spread of 63 basis points.
New paper priced over the week traded mostly better early Thursday, according to market sources.
ITC Holdings Corp.'s 3.65% senior notes due 2024 brought on Wednesday tightened about 7 bps, a market source said.
Wells Fargo & Co.'s 4.1% subordinated notes due 2026 traded about 5 bps tighter from where the notes came on Tuesday, according to a market source.
ITC firms
ITC Holdings' 3.65% notes due 2024 (Baa2/BBB+/) were seen early Thursday at 118 bps offered, a market source said.
The company sold $400 million of the 10-year notes on Wednesday at a spread of Treasuries plus 125 bps.
The power transmission company is based in Novi, Mich.
Wells Fargo better
Wells Fargo's 4.1% subordinated notes due 2026 traded about 5 bps tighter in midday trading at 155 bps offered, according to a market source.
Wells Fargo (A2/A+/AA-) sold the 12-year notes as part of a $4.5 billion three-part offering on Tuesday at a spread of Treasuries plus 160 bps.
The bank is based in San Francisco.
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