Midday Commentary: Investment-grade bond spreads unchanged; Celgene firms; Apple flat

By Cristal Cody

Tupelo, Miss., May 8 - Investment-grade bond spreads opened Thursday's session mostly unchanged, according to market sources.

The Markit CDX North American Investment Grade series 22 index closed on Wednesday 1 basis point tighter at a spread of 65 bps.

In early trading, Celgene Corp.'s senior notes (Baa2/BBB+/) brought on Tuesday traded 3 bps to 4 bps better than issuance, a market source said.

Apple Inc.'s notes (Aa1/AA+/) priced in April traded mostly flat, a source said.

Celgene tightens

Celgene's 2.35% notes due 2019 traded tighter at 60 bps bid, a market source said early Thursday.

The company sold $500 million of the notes on Tuesday at Treasuries plus 63 bps.

Celgene's tranche of 3.625% notes due 2024 firmed to 104 bps offered, according to the market source.

The 10-year notes priced in a $1 billion offering at Treasuries plus 108 bps.

Celgene's long tranche of 4.62% bonds due 2044 firmed to 125 bps offered, the source said.

The company sold $1 billion of the bonds at Treasuries plus 128 bps.

Celgene is a Summit, N.J.-based biopharmaceutical company.

Apple flat

Apple's 3.45% notes due 2024 traded unchanged at 75 bps offered in midday trading, according to a market source.

The company sold $2.5 billion of the 10-year notes at a spread of Treasuries plus 77 bps on April 29 as part of a $12 billion seven-tranche offering.

The computer and mobile communications device company is based in Cupertino, Calif.

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