27 jun: Carlsberg/RBC: Indleder dækning med "sector perform"
28 jun: USA/aktier: Opløstende nøgletal løftede markedet
27-06-2012 19:12:00

Three-Part $2.5 Billion ADT Deal Leads Corporate-Bond Issuance

Relateret indhold

By Patrick McGee

Corporate-bond deals continue to trickle in Wednesday as companies push to get deals completed before the two-day European Union summit begins Thursday.

Conditions were favorable, with the stock market rising and few headlines making their way out of Europe. A broad gauge of corporate-bond health, Markit's CDX North America Investment Grade Index, improved 0.7% in early-afternoon trading.

For home-security-products provider ADT Corp., the stable tone was encouraging enough to issue a three-part, $2.5 billion deal, while serial issuer General Electric Capital Corp., a unit of General Electric Co. (GE), is selling an undetermined amount of three-year notes.

ADT, which is being spun off by parent company Tyco International Ltd. (TYC), is offering five-, 10-, and 30-year maturities. Early price talk suggests the bonds will offer spreads to Treasurys of 1.60, 1.95, and 2.30 percentage points, respectively.

They are expected to be rated Baa2 by Moody's Investors Service, BBB by Standard & Poor's, and BBB-plus by Fitch Ratings.

Fitch noted that the company boasts nationwide brand recognition with more than six million customers, adding that its subscriber-based business generates sustainable cash flow and solid liquidity.

Among smaller deals, Liberty Interactive Corp.'s (LINTA, LINTB) multimedia retailer QVC Inc. plans to sell $500 million of 10-year senior secured notes. Markel Corp. (MKL), a property-and-casualty insurance-holding company, is selling $300 million of 10-year notes.

The day is much quieter than Tuesday, when $8.25 billion was sold.

Market participants were expecting upwards of $15 billion in new issuance this week, in part because trading could be thin next week owing to the U.S. Independence Day holiday falling on a Wednesday.

Average yields ticked up Tuesday, but at 3.29% they remain incredibly low and just 0.04 percentage point from the all-time record.

Bonds are mostly improving in secondary trading, with nine of the 10 most-active bonds outperforming Treasurys, according to MarketAxess.

Comcast Corp. (CMCSA) 10-year and 30-year bonds, which priced Tuesday, have improved 0.05 and 0.04 percentage point, respectively.

Spreads on 3M Co. (MMM) 10-year bonds that priced at a record-low 2% coupon last week tightened 0.03 percentage point Wednesday. The spread is now 0.54 point, versus 0.55 at issuance.

Write to Patrick McGee at patrick.mcgee@dowjones.com.

(END) Dow Jones Newswires

June 27, 2012 13:12 ET (17:12 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Dong-topchef om salg af oliedivision: Den samlede pris er rigtig fin

24-05-2017 16:33:25
Flere iagttagere har kaldt salgsprisen for Dongs olie- og gasforretning lav, men hos energiselskabet selv mener man, at prisen er rigtig god, når man ser på det samlede regnestykke.Sådan lyder det fra Dongs administrerende direktør, Henrik Poulsen, efter at selskabet onsdag har gjort klar til et salg til den britiske kemikoncern Ineos.- Vi har fået en rigtig fin pris for forretningen. Vi har fået ..

Nordex-Acciona/dir: Har rigtig godt momentum i USA

24-05-2017 12:06:06
Den tyske vindmølleproducent Nordex, der for nylig overtog Acciona Windpower, har USA som et af nøglemarkederne, hvor selskabet venter at kunne fortsætte væksten fra et travlt 2017.- Vi har et rigtigt godt momentum i markedet, og i år kommer vil til at installere tæt ved 800 megawatt i USA siger Thomas Donoghue, som er salgschef for Nordex-Acciona på det nordamerikanske marked, til Ritzau Finans p..

Aktier/åbning: Salg af oliebiks sender Dong op i lyserødt marked

24-05-2017 09:07:05
Lige da alt så ud til at være ganske fredeligt før åbningen af det danske aktiemarked onsdag før den lange weekend, strøg Dong i fokus med nyheden om, at olie- og gasforretningen bliver solgt til kemivirksomheden Ineos.Dong satte forretningsdelen til salg i efteråret, og Dong har selv flere gange sagt, at et frasalg var ventet i løbet af 2017. Prisen kan løbe op i 8,7 mia. kr. og ændrer ikke ved 2..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Onsdagens aktier: Pandora trukket ned af fortsat usikkerhed
2
Dong-topchef om salg af oliedivision: Den samlede pris er rigtig fin
3
Ritzau Finans holder lukket torsdag og fredag

Relaterede aktiekurser

Comcast Corporation 40,33 0,0% Aktiekurs uændret
General Electric Company 27,84 0,0% Stigning i aktiekurs
3M Company 198,04 0,3% Stigning i aktiekurs
Markel Corporation 981,51 0,3% Stigning i aktiekurs
General Electric 24,70 -2,1% Fald i aktiekurs
General Electric Company.. 24,71 30,1% Stigning i aktiekurs
GEN Elec 27,70 0,0% Aktiekurs uændret
3M 199,90 0,0% Aktiekurs uændret

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2017  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
25. maj 2017 16:08:47
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20170517.1 - EUROWEB6 - 2017-05-25 16:08:47 - 2017-05-25 16:08:47 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x