Midday Commentary: Spreads firm on fiscal cliff vote; Wells Fargo notes trade better

By Aleesia Forni

Columbus, Ohio, Jan. 2 - Spreads in the investment-grade secondary market were trading better early Wednesday, following the House's vote on a deal to avert the U.S. fiscal cliff.

Wells Fargo & Co.'s notes were trading 5 basis points tighter at 68 bps bid, 63 bps offered at midday.

A trader had quoted the notes at 73 bps bid, 68 bps offered on Dec. 24.

The San Francisco-based financial services company sold the notes with a spread of Treasuries plus 78 bps on Dec. 18.

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