Midday Commentary: High-grade secondary bond market going strong; Microsoft bonds firm

By Aleesia Forni

Virginia Beach, Va., April 29 - The recent three-part deal from Microsoft Corp. was trading tighter on Monday, as the high-grade bond market kicked off the week on a positive note, a market source said.

The company's $450 million of 1% five-year notes, which priced on Thursday, traded 2 basis points better compared to Friday's levels at 27 bps bid, 23 bps offered.

The notes priced at Treasuries plus 32 bps.

Microsoft's $1 billion tranche of 2.375% 10-year notes, which priced at a spread of 70 bps over Treasuries, was quoted 2 bps tighter at 67 bps bid, 65 bps offered versus levels on Friday.

The $500 million of 3.75% 30-year bonds traded 1 bp tighter at 89 bps bid, 86 bps offered.

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

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

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