Morning Commentary: High-grade bond spreads unchanged; S.C. Johnson notes trade tighter

By Aleesia Forni

Virginia Beach, Oct. 1 – High-grade corporate bond spreads were mostly flat to open the first trading day of October.

The Markit CDX North American Investment Grade series 22 index was unchanged at a spread of 64 basis points.

S.C. Johnson & Son Inc.’s recently priced senior notes performed better on Wednesday, a market source said.

The company’s $250 million of 4.35% 30-year bonds were quoted at 117 bps offered after pricing with a spread of Treasuries plus 120 bps on Tuesday.

S.C. Johnson’s $250 million of 3.35% 10-year notes, which priced Treasuries plus 87.5 bps, was not seen at mid-morning.

The consumer products company is based in Racine, Wis.

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