Midday Commentary: Primary market empty; Wells Fargo notes trading better in secondary market

By Aleesia Forni

Columbus, Ohio, Dec. 19 - As the high-grade primary market appears to have dried up on Wednesday, the recent notes from Wells Fargo & Co. continued to trade better in the secondary.

A trader said the $1.25 billion of 1.5% five-year notes were trading around 70 basis points bid early in the session.

The notes had been quoted at 73 bps bid at Tuesday's closing following pricing with a spread of Treasuries plus 78 bps.

Wells Fargo is a San Francisco-based financial services company.

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