Midday Commentary: New issues outperform; DuPont two-part deal trades tighter

By Aleesia Forni

Columbus, Ohio, Feb. 13 - Tuesday's $2 billion two-part deal from E.I. du Pont de Nemours & Co. was trading tighter on Wednesday, one trader said.

The $1.25 billion of 2.8% 10- year notes was quoted 4 basis points better at 78 bps bid, 76 bps offered early during the session.

The notes were sold with a spread of Treasuries plus 82 bps.

The $750 million of 4.15% 30-year bonds was trading 8 bps better at 89 bps bid, 87 bps offered following Tuesday's pricing with a spread of 97 bps over Treasuries.

The positive performance of this week's deals could push new issue volume higher this week, one market source said.

"[New issues] have been doing pretty well; demand has been good," the source added.

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