Midday Commentary: Watson Pharmaceuticals' new notes firm to 33 bps; NBCUniversal tightens

By Aleesia Forni

Columbus, Ohio, Oct. 1 - Recent investment-grade bond deals were trading better early in the day on Monday, one market source said at midday.

Thursday's notes from Watson Pharmaceuticals, Inc. were trading 20 basis points to 33 bps better in the secondary market, while the new notes from NBCUniversal Media LLC were quoted 5 bps to 7 bps tighter.

NBCUniversal deal firms

NBCUniversal's $1 billion tranche of 2.875% notes due 2023 traded 5 bps tighter at 120 bps bid, 116 bps offered.

The notes priced at a spread of Treasuries plus 125 bps on Friday.

Meanwhile, the $1 billion 4.45% bonds due 2043 were seen trading at 158 bps bid, 150 bps offered after pricing at 165 bps over Treasuries.

Watson trades tighter

In another recent issuance, the $1.2 billion tranche of 1.875% five-year bonds from Watson Pharmaceuticals traded at 102 bps bid, 100 bps offered on Monday.

The notes sold at a spread of Treasuries plus 135 bps.

The company's $1.7 billion of 3.25% 10-year notes traded 23 bps better at 147 bps bid, 143 bps offered.

The company priced the notes at a spread of 170 bps over Treasuries.

In other trading, the $1 billion 4.625% 30-year bonds were quoted at 170 bps bid, 166 bps offered after pricing at a spread of Treasuries plus 190 bps.

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