Some Corporate Bond News

March 28th, 2008 12:20 pm | by John Jansen |

 Corporate bond trading is very ,very quiet today. The new issue market is silent. The Morgan Stanley 10 year deal which priced at 312.5 basis point spread to Treasury 10 year yesterday is now freely available at 313 basis point spread. That is the first big deal in a while to break wider. The Goldman Sachs deal from earlier in the week was priced at 270 basis points and tightened in its debut. That deal closed yesterday 277/72 and is currently 270 bid.

The Penney news this morning that they were slashing Q1 profit forecast has that sector well offered and spreads on average 25 basis points wider.

Otherwise, the folks who supply me with information in this sector uniformly report that the market is very inactive.

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