Midday Commentary: Shell International two-tranche deal trades better in secondary market

By Aleesia Forni

Columbus, Ohio, Nov. 30 - Shell International Finance BV hit the market with a two-tranche $1.75 billion offering on Thursday, and the notes were quoted 2 basis points to 3 bps better early Friday, a market source said.

The $750 million tranche of 0.625% three-year notes was quoted at 30 bps bid, 27 bps offered.

Another trader had quoted the notes at 32 bps bid, 28 bps offered late Thursday after the notes sold at a spread of Treasuries plus 30 bps.

The $1 billion of 2.25% 10-year notes were quoted 6 bps better from levels seen late Thursday.

A trader saw the notes at 72 bps bid, 70 bps offered during Friday's session. The notes priced at 75 bps over Treasuries.

The oil and gas company is based in The Hague, the Netherlands.

Correction

Note: An article in the Nov. 30 edition of the Prospect News Investment Grade Daily incorrectly described the change in spreads of Shell International Financial BV's notes. The notes were 2 bps to 3 bps weaker at Thursday's close.

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