Midday Commentary: First American bonds tighten in secondary; KKR Group notes weaken slightly

By Aleesia Forni

Columbus, Ohio, Jan. 28 - The secondary investment-grade bond market saw First American Financial Corp.'s 4.3% notes due 2023 firm 22 basis points by early Monday, while KKR Group Finance Co. II LLC's 5.5% 30-year notes were slightly wider at midday, a market source said.

First American's $250 million of 4.3% 10-year senior notes was quoted at 228 bps bid, 223 bps offered.

The Santa Ana, Calif.-based financial services, title insurance and settlement company sold the notes at a spread of Treasuries plus 250 bps on Thursday.

Meanwhile, Friday's upsized $500 million issue of 5.5% 30-year senior notes from KKR Group Finance was quoted 1 bp wider at 246 bps bid, 241 bps offered.

The notes were priced with a spread of 245 bps over Treasuries.

KKR Group Finance is a subsidiary of New York-based KKR & Co. LP.

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