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Midday Commentary: Secondary market sees Cardinal Health notes continue tightening
By Aleesia Forni
Columbus, Ohio, Feb. 20 - The $1.3 billion of senior notes from Cardinal Health, Inc., which were sold in three maturities during Tuesday's session, continued to trade better on Wednesday, a market source said.
Cardinal Health's $400 million tranche of 1.7% five-year notes traded 2 bps tighter, with one trader quoting the notes at 81 bps bid, 78 bpd offered compared to Tuesday's close.
The notes were sold with a spread of Treasuries plus 85 bps on Tuesday.
The company's $550 million of 3.2% 10-year notes was quoted 2 bps better from Tuesday's close at 113 bps bid, 112 bps offered.
Cardinal Health sold the notes with a spread of Treasuries plus 120 bps.
Finally, the $350 million of 4.6% 30-year bonds traded 3 bps tighter at midday at 131 bps bid, 129 bps offered following Tuesday's pricing with a spread of 140 bps over Treasuries.
The health care services company is based in Dublin, Ohio.
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