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Midday Commentary: Fiscal cliff concerns to blame for weaker secondary; Wells Fargo widens
By Aleesia Forni
Columbus, Ohio, Dec. 21 - Spreads in the high-grade secondary bond market were wider at midday Friday following heightened concern over the U.S. fiscal cliff.
The Markit CDX Series 18 North American Investment Grade index widened 2 basis points at a spread of 92 bps on Friday.
Tuesday's deal from Wells Fargo & Co. followed suit, trading 9 bps weaker from levels seen Thursday.
A trader quoted the $1.25 billion of 1.5% five-year notes at 78 bps bid, 73 bps offered.
The notes were trading at 69 bps bid, 68 bps offered on Thursday.
The San Francisco-based financial services company sold the notes with a spread of Treasuries plus 78 bps on Tuesday.
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