Midday Commentary: Investment-grade bonds mixed in early trade; new issues better

By Cristal Cody

Tupelo, Miss., Nov. 5 - Investment-grade bonds leaked wider in Tuesday's morning session, with new issues mostly tighter in the secondary market, according to informed sources.

Spreads were wider "here and there," a trader said.

The Markit CDX North American Investment Grade series 21 index ended Monday flat at a spread of 73 basis points.

In the secondary market, Ryder System, Inc.'s 2.45% notes due 2018 firmed 3 bps from where the notes priced on Monday, a trader said.

Ryder tightens

Ryder System's 2.45% senior notes due 2018 (Baa1/BBB/A-) firmed to 112 bps bid, 110 bps offered on Tuesday, according to a trader.

The company sold $300 million of the notes with a spread of Treasuries plus 115 bps on Monday.

The transportation and logistics company is based in Miami.

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