Midday Commentary: Covidien notes trade better; AGL Capital weakens in secondary market

By Aleesia Forni

Virginia Beach, Va., May 14 - Tuesday's investment-grade secondary market saw the recent issues from Covidien International Finance SA and AGL Capital Corp. trading mixed early during the session, one trader said.

Covidien's notes traded 3 basis points wider compared to levels seen late Monday.

The notes were quoted at 106 bps bid, 103 bps offered.

Covidien International Finance sold the upsized $750 million of 2.95% 10-year senior notes to yield Treasuries plus 105 bps.

The Luxembourg-based maker of health care products for clinical and home settings has its U.S. base in Mansfield, Mass.

Meanwhile, AGL Capital's $500 million of 4.4% 30-year senior notes, which priced at Treasuries plus 130 bps, traded 6 bps better at 124 bps bid, 120 bps offered.

The energy services holding company is based in Atlanta.

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