Apple, Eli Lilly, General Motors Financial, EnLink tap primary market; Apple notes soften

By Cristal Cody

Tupelo, Miss., May 4 – Pricing action stayed strong in the high-grade bond market over Thursday’s session.

Apple Inc. was expected to price a six-tranche offering of notes. Final pricing details were not available by press time.

Eli Lilly & Co. priced a $2.25 billion three-tranche offering of senior notes (A2/AA-/A) on Thursday.

General Motors Financial Co. Inc. placed a $750 million tap of its three-year floating-rate notes.

EnLink Midstream Partners, LP priced a $500 million split-rated offering of 30-year senior notes.

Also, Southern Co. Gas Capital Corp. sold $450 million of 30-year senior notes.

The Markit CDX North American Investment Grade index closed the day modestly softer at a spread of 63 basis points.

In secondary trading, Apple’s existing notes priced in February softened 4 bps to 6 bps on Thursday.

Apple’s 3.5% notes due Feb. 9, 2027 eased 4 bps on Thursday to 81 bps bid in secondary trading, according to a market source. The notes had tightened 5 bps in the previous session.

Apple’s 4.25% notes due Feb. 9, 2047 softened to 116 bps bid from 110 bps bid on Wednesday in the secondary market. The bonds had traded 5 bps better on Wednesday.

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