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Midday Commentary: Recent deals trade mixed in secondary following 'rough' open to week
By Aleesia Forni
Virginia Beach, Va., June 4 - The secondary market saw recent issues trading mixed early during Tuesday's session, following a "rough day" on Monday, one market source said.
Aflac Inc.'s upsized trade was quoted 2 basis points weaker at midday, according to another trader.
Meanwhile, Monday's new deals from NextEra Energy Inc. and Buckeye Partners, LP traded 4 bps and 3 bps better, respectively.
The Markit CDX Series 20 North American Investment Grade index was 2 bps tighter at midday at a spread of 77 bps.
Aflac widens
Aflac's $700 million trade of 3.625% 10-year senior notes, which priced at 150 bps over Treasuries, traded 2 bps wider on the day, a trader said.
The notes were quoted at 152 bps bid, 148 bps offered early during the session.
The company provides supplemental health and life insurance through its subsidiaries and is based in Columbus, Ga.
NextEra trades tighter
Monday's new issue from NextEra Energy Capital Holdings traded better on the day, the trader noted.
The company came to market with a $250 million offering of 3.625% 10-year notes, which priced at a spread of Treasuries plus 150 bps.
The trader quoted the notes 4 bps better compared to levels seen late Monday at 147 bps bid, 142 bps offered.
The energy company is based in Juno Beach, Fla.
Buckeye notes firm
In other secondary action, Buckeye Partners' $500 million of 4.15% 10-year senior notes also traded better on the day, with the trader seeing the notes 3 bps tighter at 202 bps bid, 201 bps offered.
The company priced the issue on Monday to yield Treasuries plus 205 bps.
The master limited partnership owns a refined petroleum products pipeline system and is based in Houston.
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