Midday Commentary: Kellogg notes trading tighter in secondary market

By Aleesia Forni

Columbus, Ohio, Feb. 12 - Kellogg Co.'s $400 million of 2.75% 10-year notes were trading 3 basis points tighter early during Tuesday's session, a market source said.

The notes were quoted at 84 bps bid, 79 bps offered at midday.

A trader had seen the notes at 87 bps bid, 83 bps offered late Monday following the issue's price with a spread of Treasuries plus 87.5 bps.

Monday's sale also included a $250 million tranche of two-year floating-rate notes, which were sold at par to yield Libor plus 23 bps.

The maker of cereal and convenience foods is based in Battle Creek, Mich.

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