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Morning Commentary: Energy Transfer notes trade better in secondary; primary pauses
By Aleesia Forni
Virginia Beach, March 6 – High-grade bonds traded mostly flat to better early during the session on Friday while the primary market took a pause following a week that saw more than $64 billion of supply.
The Markit CDX North American Investment Grade index was flat at a spread of 60 basis points.
Recently priced bonds from Energy Transfer Partners LP traded tighter at mid-morning, according to a market source.
The company’s $1 billion tranche of 4.05% notes due 2025, which was sold with a spread of 195 bps over Treasuries, was quoted at 190 bps offered.
The $1 billion of 5.15% notes due 2045, which sold at Treasuries plus 245 bps, traded 4 bps better at 241 bps bid, 239 bps offered.
The $2.5 billion issue was sold in three tranches on Thursday.
The energy gathering and transportation company is based in Dallas.
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