Midday Commentary: Wells Fargo notes perform better; trading volume reaches $3.6 billion

By Aleesia Forni

Columbus, Ohio, Feb. 7 - Wells Fargo & Co.'s $2 billion of 3.45% 10-year senior subordinated notes were trading better on Thursday, according to a market source.

The notes were quoted 2 basis points tighter at 148 bps bid, 147 bps offered.

The San Francisco-based financial services company sold the notes on Wednesday at a spread of Treasuries plus 150 bps.

The source noted that there was roughly $3.6 billion in trading volume.

Meanwhile, the Markit CDX Series 18 North American Investment Grade index was "unchanged to a tad wider" at midday, the source continued.

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