Midday Commentary: Boston Scientific five-year notes tighten; Procter & Gamble eases

By Cristal Cody

Tupelo, Miss., Aug. 9 - Boston Scientific Corp.'s 2.65% senior notes due 2018 that were sold in the previous session tightened 5 basis points to 125 bps bid, 123 bps offered in secondary trading early Friday, a trader said.

The company sold $600 million of the five-year notes at a spread of Treasuries plus 130 bps.

Boston Scientific's tranche of 4.125% senior notes due 2023 (Baa3/BBB-/BBB-) traded flat at 155 bps bid, 153 bps offered by early Friday, a trader said.

The Natick, Mass.-based medical device maker sold $450 million of the notes at Treasuries plus 155 bps.

In other trading early Friday, Procter & Gamble Co.'s 3.1% notes due 2023 that were priced in the previous market session edged wider to 61 bps bid, 59 bps offered, a trader said.

Procter & Gamble, a Cincinnati-based consumer products company, sold $1 billion of the notes (Aa3/AA-) at a spread of Treasuries plus 60 bps. The notes traded at 60 bps bid, 55 bps offered late Thursday afternoon, according to another trader.

The Markit CDX Series 20 North American Investment Grade index opened the day tighter at a spread of 75 bps.

© 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.