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Morning Commentary: Actavis, Exxon bonds firm in trading; primary braced for more supply
By Aleesia Forni
Virginia Beach, March 9 – High-grade corporate bonds traded slightly wider overall early during the session on Monday, while recently priced deals from Actavis Funding SCS and Exxon Mobil Corp. continued to trade better.
The Markit CDX North American Investment Grade index was around 1 basis point wider at 62 bps.
Meanwhile, the investment-grade primary market is gearing up for a busy session, with companies including Abbey National Treasury Services plc, BorgWarner Inc., Toronto-Dominion Bank, Spectra Energy Partners LP, Potomac Electric Power Co. and Aflac Inc. slated to price deals.
Actavis tightens
Actavis Funding’s 4.55% notes due 2035 firmed to 172 bps bid, 170 bps offered in secondary trading, according to a market source.
The company sold $2.5 billion of the notes on Tuesday at Treasuries plus 190 bps.
The company’s 3.8% bonds due 2025 tightened to 149 bps bid, 147 bps offered early Monday.
The $4 billion of notes sold with a spread of 175 bps over Treasuries.
Actavis Funding’s tranche of 4.75% bonds due 2045 traded better at 191 bid, the source said.
Actavis sold $2.5 billion of the bonds at a spread of Treasuries plus 210 bps.
The company is a subsidiary of Dublin-based pharmaceutical company Actavis plc.
Exxon Mobil improves
Exxon Mobil’s 2.709% notes due 2025 traded around 1 bp tighter at 57 bps bid, a market source said.
The company sold $1.75 billion of the 10-year notes at Treasuries plus 58 bps on Tuesday.
Exxon Mobil’s tranche of 3.567% bonds due 2045 firmed to 81 bps bid, 79 bps offered, according to the market source.
The bonds priced in a $1 billion offering on Tuesday at 85 bps over Treasuries.
The oil and gas company is based in Irving, Texas.
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