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Midday Commentary: High-grade market prepares for supply; Time Warner Cable trades lower
By Cristal Cody
Tupelo, Miss., Feb. 18 - The investment-grade market geared up early Tuesday for an active day with new supply expected to price after the long holiday weekend and tepid corporate issuance in the previous week, according to market sources.
U.S. bond markets were closed on Monday for the Presidents Day holiday.
The Markit CDX North American Investment Grade series 21 index closed on Friday 1 basis point tighter at a spread of 64 bps.
In the secondary market early Tuesday, Time Warner Cable Inc.'s bonds slipped from Friday's levels, a source said.
The company's bonds climbed on Thursday after it announced a merger agreement with Comcast Corp. (A3/A-/A-) that should thwart the hostile takeover advances from Charter Communications Inc. (Ba3/BB-/), sources said.
Time Warner Cable lower
Time Warner Cable's 4% notes due 2021 (Baa2/BBB/BBB) fell to 102.15 over the morning session from 104 on Friday, a market source said.
The notes traded a day before the merger announcement with Comcast in the 94 area.
Time Warner Cable sold $1 billion of the seven-year notes at 99.109 to yield 4.11% on Sept. 7, 2011.
The broadband communications company is based in New York City.
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