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Midday Commentary: CF Industries notes trading better in high-grade secondary market
By Aleesia Forni
Virginia Beach, Va., May 21 -Monday's new issue from CF Industries Inc. continued to trade better early during Tuesday's session, one market source said.
The $750 million of 3.45% 10-year notes traded 2 basis points tighter compared to levels seen late Monday at 141 bps bid, the trader said.
The notes priced at a spread of Treasuries plus 150 bps.
CF Industries' $750 million tranche of 4.95% 30-year bonds, which was sold at Treasuries plus 180 bps, was quoted 1 bp better at 171 bps bid, 167 bps offered.
The maker and distributor of nitrogen and phosphate products is based in Deerfield, Ill.
Meanwhile, the Markit CDX Series 20 North American Investment Grade index was unchanged at a spread of 71 bps.
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