Midday Commentary: Secondary market slows to end busy week; BNY firms

By Aleesia Forni

Columbus, Ohio, Oct. 19 - The secondary investment-grade bond market was "slow" at midday, though this was "not surprising for a Friday," one market source said.

This follows a week that had seen investment-grade corporate bonds "on fire" in trading.

In recent deals, Bank of New York Mellon Corp.'s $600 million tranche of three-year notes was seen trading around 32 bps bid early in the session.

The bank priced the notes at a spread of 33 bps over Treasuries on Thursday.

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