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Morning Commentary: Teva notes tighten; Citigroup paper unchanged; Libor yield hits 70 bps
By Cristal Cody
Eureka Springs, Ark., July 20 – Investment-grade corporate bonds traded mostly flat to tighter in the secondary market early Wednesday.
Teva Pharmaceutical Finance Netherlands III BV’s $15 billion of fixed-rate senior notes (Baa2/BBB), which priced in six tranches on Monday to help finance its acquisition of the generics business of Allergan plc, traded about 10 basis points to 40 bps better than issuance.
Citigroup Inc.’s 4.125% subordinated notes due 2028 were unchanged over the morning.
The three-month Libor yield was up 1 bp to 70 bps on Wednesday.
The Markit CDX North American Investment Grade index opened the session about 1 bp tighter at a spread of 71 bps.
On Tuesday, $18.01 billion of high-grade issues were traded, up from $7.1 billion on Monday, according to Trace.
Teva stronger
Teva Pharmaceutical Finance’s notes guaranteed by Teva Pharmaceutical Industries Ltd. traded stronger across the two- to 30-year maturities, a market source said.
Teva’s 1.4% notes due 2018 were quoted at 61 bps offered early Wednesday in the secondary market.
The company sold $1.5 billion of the two-year notes on Monday at Treasuries plus 75 bps.
Teva’s tranche of long bonds were 12 bps tighter in the secondary market at 173 bps offered.
The company priced $2 billion of the 4.1% notes due 2046 at 185 bps over Treasuries on Monday.
The global pharmaceutical company is based in Jerusalem.
Citigroup stable
Citigroup’s 4.125% subordinated notes due 2028 were flat at 255 bps offered early Wednesday, according to a market source.
Citigroup sold $1.5 billion of the notes (Baa3/BBB/A-) on Monday at a spread of 258 bps over Treasuries.
The financial services company is based in New York.
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