Midday Commentary: Texas Instruments, Corporate Office deals trading flat to weaker in secondary

By Aleesia Forni

Virginia Beach, Va., May 2 - Following a mostly quiet session on Wednesday, the investment-grade bond market's pace is expected to pick up on Thursday, according to one trader.

Recent issues from Texas Instruments Inc. and Corporate Office Properties LP were flat to slightly weaker early during Thursday's session, the trader said.

The company's $500 million of 1% five-year notes was unchanged at 53 basis points bid, 50 bps offered.

The notes were sold with a spread of Treasuries plus 55 bps.

Meanwhile, the $500 million of 2.25% 10-year notes traded 2 bps wider at 86 bps bid, 82 bps offered following Wednesday's sale at a spread of 85 bps over Treasuries.

The semiconductor designer and manufacturer is based in Dallas.

In other trading, Corporate Office's upsized $350 million of 3.6% 10-year senior notes traded 1 bp weaker at 198 bps bid, 193 bps offered.

Corporate Office priced the notes on Wednesday to yield Treasuries plus 200 bps.

The real estate investment trust for suburban office properties is based in Columbia, Md.

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