Morning Commentary: Market tone strengthens; Blue Cross Blue Shield bonds tighten

By Aleesia Forni

Virginia Beach, April 22 – The high-grade bond market’s tone was positive early during Wednesday’s session.

The Markit CDX North American Investment Grade series 23 index was 1 basis point tighter at a spread of 61 bps.

Meanwhile, Blue Cross Blue Shield of Minnesota Inc.’s recently priced $250 million of 3.79% 10-year senior notes (A3/A-/), which priced on Tuesday at 187.5 bps over Treasuries, traded tighter compared to Wednesday’s close.

The notes were quoted at 184 bps offered.

Bookrunners for the Rule 144A and Regulation S deal were J.P. Morgan Securities LLC and Wells Fargo Securities LLC.

The company offers health care plans and resources in Minnesota. It is based in Eagan, Minn.

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