Midday Commentary: Secondary sees new issues flat to tighter as deal spree continues

By Aleesia Forni

Columbus, Ohio, Sept. 11 - The secondary market continued to digest the rush of new issues at the start of the week.

Monday's deals from Tyco Flow Control International Finance SA, Clorox Co. and Agilent Technologies Inc. were seen unchanged to tighter at midday.

One market source commented that he had been so "wrapped up" in new issues that he had not noticed much going on in the secondary market.

However, he added there was "nothing dramatic" with respect to any particularly active issues or big movers.

Tyco Flow flat

Tyco Flow's $550 million of 3.15% 10-year notes, which sold at a spread of 150 bps over Treasuries, traded flat on Tuesday.

The notes were trading "around 150 [bps]" bid at midday.

The valve and control, water and environmental products unit of Tyco International is based domestically in Princeton, N.J.

Clorox firms

In other trading, Clorox's $600 million 3.05% 10-year senior notes were seen 5 bps tighter at 135 bps bid, according to a market source.

The notes priced on Monday to yield Treasuries plus 140 bps.

The manufacturer and marketer of consumer and professional products is based in Oakland, Calif.

Agilent tightens

Agilent's $400 million of 3.2% 10-year senior notes were also seen 5 bps tighter at 150 bps bid.

The notes priced on Monday to yield Treasuries plus 155 bps.

The bio-analytic and electronic measurement technology company is based in Santa Clara, Calif.

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