Midday Commentary: Markets muted ahead of holiday weekend; AbbVie notes due 2022 active

By Aleesia Forni

Columbus, Ohio, Nov. 9 - The investment-grade bond market has "held up very well in the face of stocks," one trader said at midday.

The source added that there was "sort of not a lot going on," as the U.S. bond market will be closed on Monday due to Veterans Day.

In trading, AbbVie Inc.'s notes due 2022 were active during the session, while Paccar Financial Corp.'s $250 million 0.7% notes were trading near new issue price.

AbbVie tightens

The $3.1 billion of 2.9% 10-year paper was the most active tranche of AbbVie's recent $14.7 billion sale of notes during Friday's session.

The 10-year notes were seen 15 bps better, with the trader quoting the tranche at 115 bps bid, 110 bps offered.

The notes sold at a spread of 130 bps over Treasuries.

Pharmaceutical health care products company Abbott Labs, as well as AbbVie, are based in Abbott Park, Ill.

Paccar flat

The source did not see any trading in Paccar's $250 million sale of 0.7% notes due 2015 as of midday, though he added that he had seen the notes wrapped "basically at new issue" during the previous session.

Paccar priced the three-year notes to yield 38 bps over Treasuries on Thursday.

The provider of retail and commercial truck financing for Paccar Inc. is based in Bellevue, Wash.

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