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Midday Commentary: Secondary market sees St. Jude, Westar Energy notes tighten in trading
By Aleesia Forni
Virginia Beach, Va., March 25 - The investment-grade secondary bond market saw St. Jude Medical Inc.'s and Westar Energy Inc.'s recent issuances trade tighter on Monday, one trader said.
St. Jude's $900 million tranche of 3.25% 10-year notes traded 4 basis points better at 134 bps bid, 131 bps offered compared to levels seen Friday.
The notes sold on Thursday at a spread of Treasuries plus 140 bps.
Meanwhile, the $700 million of 4.75% 30-year bonds, which were sold at 165 bps over Treasuries, were quoted at 3 bps better at 155 bps bid, 150 bps offered.
The maker of cardiovascular medical devices is based in St. Paul, Minn.
In other secondary action, Westar Energy Inc.'s notes were quoted 3 bps tighter from Friday's levels at 89 bps bid, 81 bps offered.
The company sold the $250 million of 4.1% 30-year mortgage bonds at Treasuries plus 95 bps on Thursday.
The electric utility is based in Topeka, Kan.
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