Midday Commentary: High-grade secondary sees Analog notes widen following long weekend

By Aleesia Forni

Virginia Beach, Va., May 28 - The investment-grade secondary market saw Wednesday's deal from Analog Devices Inc. trade 3 basis points wider on Tuesday, according to one market source, following an extended weekend due to the Memorial Day holiday.

"Seems like people are ready to jump back in [to the market]," the trader said early during the session.

Analog Devices' $500 million sale of 2.875% 10-year senior notes traded 3 bps wider at 97 bps bid, 92 bps offered at midday.

The notes were priced at Treasuries plus 90 bps on Wednesday.

The maker of circuits for electronic equipment is based in Norwood, Mass.

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