Morning Commentary: Lloyds Bank notes tighten; AbbVie bonds recover earlier losses

By Cristal Cody

Tupelo, Miss., May 13 – New investment-grade bonds from Lloyds Bank plc and AbbVie Inc. traded better in the secondary market, sources said early Wednesday.

Lloyds Bank’s 3.5% senior notes due 2025 that priced on Monday improved 4 basis points from issuance.

AbbVie’s 3.6% senior notes due 2025 remain active and recovered losses from earlier in the week.

The three-month Libor yield was unchanged at 28 bps.

The Markit CDX North American Investment Grade series 23 index closed on Tuesday mostly flat at a spread of 65 bps.

Lloyds tightens

Lloyds Bank’s 3.5% notes due 2025 tightened to 123 bps offered, a market source said.

The bank sold $1.25 billion of the 10-year notes (A1/A/A) on Monday at Treasuries plus 127 bps.

The notes are guaranteed by Lloyds Banking Group plc.

The retail bank is based in London.

AbbVie better

AbbVie’s 3.6% notes due 2025 firmed 2 bps to 136 bps offered, a market source said.

The company sold $3.75 billion of the senior notes (Baa1/A) on May 5 at Treasuries plus 145 bps.

AbbVie is a biopharmaceutical company based in Abbott Park, Ill.

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