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Morning Commentary: AbbVie notes tighten in secondary market; AT&T bonds trade softer
By Cristal Cody
Tupelo, Miss., May 7 – High-grade bonds opened the session mixed after credit spreads eased on Wednesday, market sources said early Thursday.
“Global equity and debt markets remained under pressure overnight, although we did see both rally over the past hour,” Confluence Investment Management LLC strategists said in a note on Thursday. “That rally, at the time of this writing, is starting to fade. There is no obvious reason why we saw the recovery, which may have simply been a bout of short covering.”
AbbVie Inc.’s $16.7 billion six-part offering of senior notes (Baa1/A) that priced on Tuesday traded about 4 basis points to 9 bps better than issuance.
AT&T Inc.’s 3.4% notes due 2025 brought in April eased 2 bps.
The Markit CDX North American Investment Grade series 23 index closed on Wednesday 2 bps wider at a spread of 66 bps.
The three-month Libor yield was stable at 28 bps on Thursday.
AbbVie stronger
AbbVie’s 1.8% notes due 2018, priced in a $3 billion issue at Treasuries plus 85 bps on Tuesday, tightened to 79 bps offered, a source said.
The company’s $3.75 billion offering of 2.5% notes due 2020, priced with a spread of 105 bps over Treasuries, firmed to 98 bps offered.
AbbVie’s $3.75 billion tranche of 3.6% notes due 2025, sold at Treasuries plus 145 bps, firmed to 136 bps offered.
The $2.5 billion offering of 4.5% notes due 2035, priced at Treasuries plus 165 bps, firmed to 161 bps offered.
AbbVie’s 4.7% notes due 2045 tightened to 175 bps offered. The company sold $2.7 billion of the notes at Treasuries plus 180 bps.
The biopharmaceutical company is based in Abbott Park, Ill.
AT&T eases
AT&T’s 3.4% notes due 2025 were quoted 2 bps softer early Thursday at 149 bps offered, a market source said.
The company sold $5 billion of the notes (/BBB+/A-) on April 23 at Treasuries plus 150 bps.
The telecommunications company is based in Dallas.
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