Midday Commentary: Ingredion firms, Torchmark widens in secondary market

By Aleesia Forni

Columbus, Ohio, Sept. 18 - Following an initial tightening of 5 basis points late on Monday, the new issue from Torchmark Corp. traded 3 basis points wider at 198 bps bid, 195 bps offered at midday on Tuesday.

Meanwhile, Ingredion Inc.'s new notes traded 5 bps tighter as investor demand continues to be strong.

"It looks like people are still happy to own anything," a market source said of the session's tone at midday.

Torchmark notes

Torchmark's $300 million of 3.8% 10-year senior notes traded at 198 bps bid, 195 bps offered on Tuesday.

The notes sold at a spread of 200 bps over Treasuries on Monday before tightening to 195 bps bid later that day.

The bonds were priced at the tight end of talk in the 212.5 bps area.

The insurance and financial services holding company is based in McKinney, Texas.

Ingredion tightens

In other recent deals, Ingredion's $300 million of 1.8% five-year senior notes were quoted at 115 bps bid, 113 bps offered at midday.

The notes priced on Monday at 120 bps over Treasuries.

The maker of starches and sweeteners is based in Westchester, Ill.

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