Midday Commentary: ITC notes slightly better as overall high-grade market mostly flat

By Aleesia Forni

Virginia Beach, Va., July 8 - The high-grade secondary bond market saw ITC Holdings Corp.'s recent deal trading better early Monday, a trader said.

Meanwhile, the broader market was mostly flat, and the Markit CDX North American Investment Grade index was unchanged compared to Friday's close at a spread of 85 basis points.

"Pretty quiet start to the week so far," one trader said at mid-morning.

ITC Holdings' $250 million of 4.05% 10-year notes traded 2 bps better at 155 bps bid, 150 bps offered.

The company sold the notes at a spread of Treasuries plus 155 bps on June 26.

The $300 million tranche of 5.3% 30-year bonds was 1 bp tighter at 175 bps bid, 170 bps offered.

ITC Holdings sold the bonds at a spread of 175 bps over Treasuries.

The power transmission company is based in Novi, Mich.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.