Midday Commentary: JPMorgan, Carpenter Technology trading better as market tone strengthens

By Aleesia Forni

Columbus, Ohio, Feb. 22 - The tone of the investment-grade secondary market was "looking up" to close the week, one market source said at midday.

A trader quoted JPMorgan Chase & Co.'s $750 million 1.125% three-year notes slightly tighter at 75 bps bid, 70 bps offered early in the session.

The issue was quoted at 76 bps bid late Thursday following its sale with a spread of 77 bps over Treasuries.

In other trading, Carpenter Technology Corp.'s $300 million of 4.45% 10-year senior notes was unchanged from levels seen near Thursday's close at 232 bps bid, 226 bps offered.

The notes originally tightened 18 bps and were sold at a spread of Treasuries plus 250 bps.

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