Corporate Bonds
September 8th, 2008 3:30 pm | by John Jansen |Corporate bond spreads participated in the orgy of spread tightening today but the thrill began to fade as the day progressed. Financials were 20 basis points tighter in very early trading and they are closing about 10 basis points tighter.Industrial names tightened by about 10 basis points early and are now about 5 basis points better.
One salesman suggested that volume was light and that most of the tightening consisted of movement of the offered side of the quote.
The IG 10 is finishing at 136 after meandering in a narrow range throughout the day.
There was a smattering of new issuance activity from Barrick Gold and Agrium. One salesman noted that the Barrick deal would price at about a 50 basis point spread to outstanding debt.
