Actavis Bond Buyers Reaping $334 Million Gain Day After Offering
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Investors who piled into the second-biggest corporate bond sale on record are reaping immediate gains as the price of bonds sold by Actavis Plc jumped in trading.
All bonds in the $21 billion 10-part offering traded above the price at which they were sold, increasing the market value of the securities by $334 million, or 1.6 percent, at 12:28 p.m. in New York, according to Trace data compiled by Bloomberg. The drugmaker’s $2.5 billion of 4.75 percent notes maturing in 2045, which sold Tuesday at 99.5 cents on the dollar, traded at 102.6 cents on the dollar, according to the data from the bond-price reporting system of the Financial Industry Regulatory Authority.