Midday Commentary: Trading volume hits $2 billion as market mostly unchanged; Glaxo notes firm

By Aleesia Forni

Virginia Beach, Va., March 14 - The Markit CDX Series 18 North American Investment Grade index was seen "unchanged to a bit tighter" at midday, following Wednesday's close at a spread of 79 bps, one market source said.

The source added that trading volume hit "just over $2 billion" early Thursday.

In recent deals, GlaxoSmithKline Capital Inc.'s $3 billion of senior notes, which priced in three maturities on Wednesday, traded mostly tighter on the day.

The $1.25 billion tranche of 0.7% three-year notes was quoted at 31 bps offered during the session.

The notes were sold at a spread of Treasuries plus 35 bps.

Meanwhile, the $1.25 billion of 2.8% 10-year notes was quoted 6 bps tighter at 84 bps bid, 81 bps offered following Wednesday's pricing at a spread of 90 bps over Treasuries.

The $500 million of 4.2% 30-year bonds traded 8 bps tighter at 97 bps bid.

GlaxoSmithKline priced the bonds at Treasuries plus 105 bps.

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