Midday Commentary: Secondary market muted to start shortened week, Viacom notes improve

By Aleesia Forni

Columbus, Ohio, Nov. 19 - The investment-grade secondary market was quiet early during the first session of the shortened Thanksgiving week, one market source said.

"[There is] nothing going on today really," the source said of the day's activity.

In recent deals, Viacom Inc.'s $250 million of 4.375% 30-year senior bonds, which priced at a spread of Treasuries plus 178 basis points on Friday, were trading 3 bps better at midday.

The source quoted the notes at 175 bps bid, 170 bps offered.

The entertainment company is based in New York City.

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