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Midday Commentary: High-grade spreads widen marginally; Ryder notes firm; Pacific Gas mixed
By Cristal Cody
Tupelo, Miss., Feb. 19 - Investment-grade credit spreads opened Wednesday marginally wider as the market absorbed a round of weaker economic data, while new issues traded mostly flat to slightly better, according to sources.
In the secondary market, Ryder System Inc.'s 2.55% notes due 2019 brought on Tuesday firmed 2 basis points, a source said.
Pacific Gas & Electric Co.'s two tranches of senior notes (A3/ BBB/A-) traded flat to 2 bps tighter, according to a market source.
The Markit CDX North American Investment Grade series 21 index ended Tuesday unchanged at a spread of 64 bps.
Ryder System firms
Ryder System's 2.55% notes due 2019 (Baa1/BBB/) firmed to 105 bps bid, a source said early Wednesday.
The notes traded in the aftermarket on Tuesday at 107 bps bid, 102 bps offered.
Ryder System sold $350 million of the notes at a spread of Treasuries plus 110 bps.
The transportation and logistics company is based in Miami.
PG&E flat to better
Pacific Gas & Electric's 3.75% notes due 2024 were unchanged Wednesday morning at 102 bps bid, a source said.
The issue traded on Tuesday at 102 bps bid, 99 bps offered in the secondary market after the company sold $450 million of the notes at Treasuries plus 105 bps earlier in the day.
The company's tranche of 4.75% bonds due 2044 firmed 2 bps to 107 bps bid early Wednesday, a source said. The bonds traded at 109 bps bid, 106 bps offered on Tuesday.
Pacific Gas & Electric sold $450 million of the bonds at Treasuries plus 110 bps in Tuesday's offering.
The electric and natural gas utility is a subsidiary of San Francisco-based PG&E Corp.
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