Midday Commentary: Primary issuance slows; Teva Pharmaceutical notes trading weaker

By Aleesia Forni

Columbus, Ohio, Dec. 17 - The high-grade primary market is expected to have a slow week as the year winds down, a market source said on Monday.

Thursday's issuances from Teva Pharmaceutical Finance IV LLC and Teva Pharmaceutical Finance Co. BV were wider during the session, following initial tightening on Friday, a trader said.

The $700 million tranche of 2.25% notes due 2020 sold by Teva Pharmaceutical Finance IV was quoted at 103 basis points bid, 98 bps offered. The notes were seen at 96 bps offered on Friday.

The notes were priced with a spread of Treasuries plus 110 bps.

The $1.3 billion tranche of 2.95% 10-year notes priced by Teva Pharmaceutical Finance Co. was trading 3 bps weaker compared to Friday's levels at 123 bps bid, 120 bps offered.

The notes were sold with a spread of Treasuries plus 125 bps.

The global maker of generic and over- the-counter pharmaceuticals is based in Petach Tikva, Israel.

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