Midday Commentary: Perrigo notes continue to trade better in high-grade secondary market

By Aleesia Forni

Virginia Beach, Va., May 13 - The investment-grade secondary bond market saw Perrigo Co.'s recent notes trade 7 basis points tighter on Monday, one trader said.

The notes were quoted at 116 bps bid, 112 bps offered at midday.

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

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

Meanwhile, a source at another desk noted the Markit CDX Series 20 North American Investment Grade index was "about 1 [bp] wider" on the day.

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