Midday Commentary: Microsoft bonds trade better in high-grade secondary; quiet Friday expected

By Aleesia Forni

Virginia Beach, Va., April 26 - Players are preparing for a quiet session on Friday as spreads were weaker to start the day's trading.

Thursday's three-part deal from Microsoft Corp. was tighter across the board at midday, according to one market source.

The company's $450 million of 1% five-year notes traded 3 basis points better at 29 bps bid, 26 bps offered.

The notes were priced at Treasuries plus 32 bps.

Meanwhile, the $1 billion tranche of 2.375% 10-year notes, which was sold at 70 bps over Treasuries, was quoted 1 bp tighter at 69 bps bid, 67 bps offered.

The $500 million of 3.75% 30-year bonds traded 5 bps better compared to levels seen late Thursday at 89 bps bid, 86 bps offered.

Microsoft priced the notes at a spread of Treasuries plus 90 bps.

The computer software, services and hardware developer and marketer is based in Redmond, Wash.

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