Midday Commentary: LyondellBasell notes trade tighter in high-grade secondary bond market

By Aleesia Forni

Virginia Beach, Va., July 12 - The high-grade secondary bond market saw both tranches of LyondellBasell Industries NV's recent offering trading better at mid-morning, one trader said.

The issuer sold $1.5 billion of senior notes in two tranches on Thursday.

LyondellBasell's $750 million of 4% 10-year notes, which were sold at a spread of Treasuries plus 160 bps, traded 6 basis points tighter at 154 bps bid early during the session.

Meanwhile, the $750 million of 5.25% 30-year bonds was also quoted 6 bps better at 174 bps bid.

The notes were priced at 185 bps over Treasuries.

The offering was issued through financing subsidiary LYB International Finance BV and guaranteed by LyondellBasell Industries.

LyondellBasell is a Houston-based chemical company that has executive offices in London and is incorporated in the Netherlands.

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