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Morning Commentary: Actavis notes trade flat to tighter; Barclays improves modestly
By Cristal Cody
Tupelo, Miss., April 2 – High-grade bond market activity slowed on Thursday ahead of the market close on Friday for the Good Friday holiday, sources said.
In the secondary market, Actavis Funding SCS’s senior notes traded flat to about 2 basis points tighter.
Barclays plc’s 3.625% notes due 2025 firmed about 1 bp in secondary trading but remain wider than issuance.
The three-month Libor yield was unchanged at 27 bps.
The Markit CDX North American Investment Grade series 23 index was flat at a spread of 63 bps.
Actavis steady
Actavis’ 3.8% notes due 2025 were unchanged at 149 bps offered early Thursday, a market source said.
The company sold $4 billion of the notes (Baa3/BBB-/BBB-) on March 3 at Treasuries plus 175 bps.
Actavis is a pharmaceutical company based in Dublin.
Barclays improves
Barclays’ 3.625% notes due 2025 traded about 1 bp tighter at 163 bps offered, according to a market source.
Barclays sold $2 billion of the notes (A3/BBB/A) on March 9 at Treasuries plus 150 bps.
The financial services company is based in London.
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