Midday Commentary: Perrigo notes trading tighter in high-grade secondary market

By Aleesia Forni and Andrea Heisinger

New York, May 10 - Following a rush of activity early during the week, the high-grade market was subdued early Friday.

In secondary market action, Thursday's deal from Perrigo Co. traded tighter on the day, one market source said at midday.

The notes were quoted at 119 bps offered early Friday.

A trader at another desk had quoted the notes at 123 bps bid, 120 bps offered late during Thursday's session.

Perrigo sold the upsized $600 million of 2.95% 10-year senior notes to yield Treasuries plus 125 bps.

The health care company and maker of generic and over-the-counter pharmaceuticals is based in Allegan, Mich.

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