Midday Commentary: Secondary market sees Cardinal Health notes continue tightening

By Aleesia Forni

Columbus, Ohio, Feb. 20 - The $1.3 billion of senior notes from Cardinal Health, Inc., which were sold in three maturities during Tuesday's session, continued to trade better on Wednesday, a market source said.

Cardinal Health's $400 million tranche of 1.7% five-year notes traded 2 bps tighter, with one trader quoting the notes at 81 bps bid, 78 bpd offered compared to Tuesday's close.

The notes were sold with a spread of Treasuries plus 85 bps on Tuesday.

The company's $550 million of 3.2% 10-year notes was quoted 2 bps better from Tuesday's close at 113 bps bid, 112 bps offered.

Cardinal Health sold the notes with a spread of Treasuries plus 120 bps.

Finally, the $350 million of 4.6% 30-year bonds traded 3 bps tighter at midday at 131 bps bid, 129 bps offered following Tuesday's pricing with a spread of 140 bps over Treasuries.

The health care services company is based in Dublin, Ohio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.