Midday Commentary: Secondary trading better; Allergan spreads continue to tighten

By Aleesia Forni

Columbus, Ohio, March 11 - The secondary market has started the week on a positive note, as Allergan Inc.'s recent note issuance continued to trade better early during the session.

The $250 million tranche of 1.35% five-year notes was quoted 1 basis point tighter at 51 bps bid, 49 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 4 bps better at 78 bps bid, 72 bps offered on Monday.

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

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