Morning Commentary: Pfizer markets 30-year notes; Bristol-Myers improves in secondary market

By Cristal Cody

Tupelo, Miss., Feb. 24 – Pfizer Inc. announced plans early Friday to price an offering of 30-year notes.

BNP Paribas, Taipei Branch, and Deutsche Bank AG, Taipei Branch, are the bookrunners for the offering of notes, which the biopharmaceutical company plans to list on the Taipei Exchange.

In the secondary market, biopharmaceutical company Bristol-Myers Squibb Co.’s $1.5 billion of senior notes (A2/A+) that priced in two tranches on Wednesday opened stronger on Friday.

Investment-grade secondary trading volume climbed to $21.2 billion on Thursday, compared to $20.8 billion on Wednesday and $17.82 billion on Tuesday, according to Trace. The bond markets were closed on Monday.

Bristol-Myers better

Bristol-Myers Squibb’s 1.6% notes due Feb. 27, 2019 opened a dime better at 100.16 from where the notes last traded on Thursday, according to a market source.

The company sold $750 million of the two-year notes on Wednesday at 99.92 to yield 1.641%, or 43 basis points over Treasuries.

Bristol-Myers’ 3.25% notes due Feb. 27, 2027 traded better at 100.23 on Friday from where the notes were seen in the previous session at 99.92.

The 10-year notes priced in a $750 million tranche on Wednesday at 99.392 to yield 3.322%, or a spread of Treasuries plus 90 bps.

Bristol-Myers is a New York City-based biopharmaceutical company.

© 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.