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Mylan prices $1 billion dual-tranche deal to close week; bank, financial paper mostly soft
By Aleesia Forni and Cristal Cody
New York, Dec. 4 – Mylan NV sold a $1 billion issue of senior notes on Friday in two tranches, closing out a week for the high-grade primary that beat expectations.
A $500 million 3% tranche of three-year notes sold at Treasuries plus 180 basis points. Pricing was at 99.874 to yield 3.044%.
And a $500 million 3.75% tranche of five-year notes sold at 99.968 to yield 3.757%, or Treasuries plus 205 bps.
Both tranches sold around 20 bps inside the mid-point of initial talk.
The bookrunners were Goldman Sachs & Co., Deutsche Bank Securities Inc. and MUFG.
The Hatfield, England-based company plans to use the proceeds to repay debt and to fund a share repurchase.
Primary activity has been on fire this week, with more than $32 billion of new investment-grade issuance pricing.
Sources expect another $30 billion to $35 billion of supply to enter the primary market in the week ahead.
Bank and financial paper was mostly weaker in secondary trading on Friday.
Bank of America Corp.’s 3.875% senior notes due 2025 traded about 1 bp better.
Citigroup Inc.’s 4.4% subordinated notes due 2027 eased 2 bps in the secondary market.
Goldman Sachs Group Inc.’s paper traded 3 bps to 6 bps wider.
JPMorgan Chase & Co.’s 4.25% subordinated notes due 2027 headed out 5 bps softer.
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