Midday Commentary: High-grade bond spreads widen in trading, Fidelity National notes weaken

By Aleesia Forni

Virginia Beach, Va., April 12 - Bond spreads in the investment-grade secondary market traded weaker early Friday, market sources said, as the Markit CDX North American Investment Grade index was unchanged to slightly wider.

One trader noted that trading volume was $1.8 billion at midday.

Meanwhile, Fidelity National Information Services Inc.'s recent notes traded wider early during the session.

Fidelity National weakens

Fidelity National Information Services' $250 million tranche of 2% five-year notes was quoted at 125 basis points offered on Friday.

A trader at another desk had quoted the notes at 124 bps bid, 121 bps offered on Friday.

The notes priced at a spread of Treasuries plus 135 bps.

The sale also included a $1 billion tranche of 3.5% 10-year notes, which sold at 180 bps over Treasuries on Wednesday.

Fidelity National Information Services is a Jacksonville, Fla.-based banking and payment technologies company.

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