Midday Commentary: Secondary sees Allergan notes trading better compared to new issue spreads

By Aleesia Forni

Virginia Beach, Va., March 8 - Allergan Inc.'s recent note issuance was trading tighter compared to Thursday's new issue spreads early during Friday's session, one trader said.

The $250 million tranche of 1.35% five-year notes was quoted 3 basis points better at 52 bps bid, 47 bps offered following Thursday's pricing with a spread of Treasuries plus 55 bps.

The $350 million of 2.8% 10-year notes was trading at 82 bps bid, 77 bps offered at midday.

Though tighter than the original new issue spread of Treasuries plus 82 bps, the notes had widened 4 bps compared to levels seen late Thursday.

The multi-specialty health-care company is based in Irvine, Calif.

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