Midday Commentary: Trading in secondary market 'a little better'

By Aleesia Forni

Columbus, Ohio, Dec. 20 - The investment-grade secondary market was trading "a little better" early on Thursday compared to Wednesday's close, a market source said.

Tuesday's deal from Wells Fargo & Co. was trading slightly tighter at midday.

A trader quoted the $1.25 billion of 1.5% five-year notes at 69 basis points bid, 68 bps offered on Thursday.

The notes were trading near 70 bps bid on Wednesday.

The San Francisco-based financial services company sold the notes with a spread of Treasuries plus 78 bps on Tuesday.

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