Midday Commentary: Primary market heats up, Owens Corning notes trade wider

By Aleesia Forni

Columbus, Ohio, Oct. 18 - Investment-grade bond issuers are lined up to hit the primary market on Thursday, one trader said, as a "heck of a lot" of new issues are expected to price.

Bank of New York Mellon Corp. is planning to sell three- and five-year notes on Thursday.

The trader said the book for the three-year notes was roughly $1.2 billion as of midday.

In the secondary market, Owens Corning's $600 million of 4.2% 10-year senior notes traded at 235 bps bid, 226 bps offered early in the session.

The notes priced on Wednesday to yield 240 bps over Treasuries, before trading at 227 bps bid, 222 bps offered late in the day.

Meanwhile, PNC Bank NA's $1 billion of 2.7% 10-year subordinated notes were seen at 85 bps offered.

The notes also sold on Wednesday, with a spread of Treasuries plus 90 bps.

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