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Midday Commentary: 'Pretty light' volumes, positive tone seen in secondary; Simon notes firm
By Aleesia Forni
Columbus, Ohio, Dec. 11 - Volumes in the investment-grade secondary bond market were "pretty light" as of midday, one trader commented during the session.
The source added that the market was seeing an overall positive tone to start the day's trading, with Simon Property Group, LP's $1.25 billion two-tranche issuance trading better.
The $750 million tranche of 1.5% five-year notes was quoted 5 basis points better at 90 bps bid, 88 bps offered.
The notes priced with a spread of Treasuries plus 95 bps on Monday.
Meanwhile, the $500 million of 2.75% 10-year notes traded 3 bps better, at 117 bps bid, 115 bps offered at midday.
Simon Property sold the notes with a spread of 120 bps over Treasuries.
The real estate investment trust for retail properties is based in Indianapolis.
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