Morning Commentary: Juniper Networks notes tighten, Eli Lilly improves in early trade

By Cristal Cody

Tupelo, Miss., Feb. 27 – Juniper Networks, Inc.’s 3.3% senior notes due 2020 that were brought on Wednesday traded nearly 10 basis points better than issuance in the secondary market early Friday.

Eli Lilly & Co.’s 2.75% senior notes due 2025 were quoted 2 bps tighter over the morning.

The Markit CDX North American Investment Grade index was unchanged at a spread of 61 bps.

Juniper Networks firms

Juniper Networks’ 3.3% notes due 2020 tightened to 176 bps offered, according to a market source.

The company sold $300 million of the notes (Baa2/BBB/) on Wednesday at Treasuries plus 185 bps.

Juniper Networks is a network designer and developer based in Sunnyvale, Calif.

Eli Lilly better

Eli Lilly’s 2.75% notes due 2025 firmed 2 bps to 74 bps offered, a market source said.

The company sold $800 million of the notes (A2/ AA-) on Tuesday at a spread of Treasuries plus 80 bps.

The pharmaceutical company is based in Indianapolis.

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