30 jul: Europa/aktier: Air France fløj til tops
31 jul: USA/aktier: Små fald i afventende marked
30-07-2012 22:25:00

Investment-Grade Corporate Sales At July Record

Relateret indhold

Companies rushed Monday to issue $10 billion of investment-grade bonds in the U.S., tapping a spigot of cheap debt and taking issuance for the month of July to its highest level since at least 1995, according to data provider Dealogic.

The $58.9 billion in issuance so far this month surpasses the previous record high for a July of $57.4 billion in 2010, said Dealogic, whose data go back to 1995.

On its own, Monday was the second-busiest day in terms of volume this month, as companies came off the sidelines after sensing a rosier outlook among investors--and hurried to borrow before labor-market data due later this week or other macroeconomic sore spots could spoil investors' moods.

"There is a lot of potential volatility over the near term, so you have a very compelling argument to take money now, given the upcoming [presidential] elections, the fiscal cliff and the problems in Greece," said Paul Spivack, global head of debt syndicate at Morgan Stanley.

Issuers were enticed to market by recent offerings by other companies at some of the lowest borrowing costs in their history. Colgate-Palmolive Co. (CL) Friday sold 10-year bonds with a 1.95% coupon, its lowest ever, for example, and International Business Machines Corp. (IBM) Wednesday sold 10-year bonds with a 1.875% coupon, a record low for investment-grade issuers in that maturity.

"Every deal that prices seems to set a new record, and even when it doesn't, it sets a new low for that company," Mr. Spivack said.

Leading the pack Monday were Teck Resources Ltd. (TCK), with a $1.75 billion debt sale; Texas Instruments Inc. (TXN), with a $1.5 billion sale; and Campbell Soup Co. (CBP), with a $1.25 billion deal to help pay for its acquisition of Bolthouse Farms.

Teck's offering was split into three pieces: $500 million of five-and-a-half-year notes launched at 1.95 percentage points over comparable Treasurys; $750 million of 10.5-year bonds at 2.35 points and $500 million of long 30-year bonds at 2.85 points over Treasurys.

Texas Instruments offered three-year notes at 0.30 point over Treasurys and seven-year notes at a spread of 0.75 point. Campbell Soup's debt came in three parts: a $400 million tranche of two-year, floating-rate debt launched at 0.30 point over the London interbank offered rate; a $450 million, 10-year fixed-rate piece launched at 1.08 points over Treasurys and $400 million of 30-year debt at a spread of 1.28 points over Treasurys.

Separately, Unilever Capital Corp., a unit of Unilever N.V. (UN) and Unilever PLC (UL), split a $1 billion sale between $450 million of three-year debt that priced at 0.27 point over Treasurys and $550 million of five-year notes at 0.47.

Both were on track to set record-low coupons for the household-products industry of 0.45% and 0.85%, respectively, across those maturities.

Also in the market Monday were Brazilian bank Itau Unibanco Holding SA (ITUB) for $1.25 billion; TransCanada PipeLines Ltd. (TRP) for $1 billion; Mexican wireless company America Movil SAB (AMOV) for $750 million; and three domestic companies: industrial-gases provider Praxair Inc. (PX), wealth-management company Northern Trust Corp. (NTRS) and beauty-care company Estee Lauder Cos. (EL), each for $500 million.

Write to Katy Burne at katy.burne@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

July 30, 2012 16:25 ET (20:25 GMT)

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

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Mærsk/Nykredit: Anbefaling løftes til "køb" og kursmål til 12.100 - NY

02-12-2016 15:30:03
Mærsk får løftet anbefalingen til "køb" fra "sælg" og kursmålet til 12.100 kr. fra 10.300 kr. af Nykredit efter torsdagens meddelelse om opkøbet af Hamburg Süd...

Aktier/middag: Mærsk i plus i ellers afventende marked op til nøgletal

02-12-2016 12:02:35
A.P. Møller-Mærsk får fortsat lidt medvind af torsdagens meddelelse om opkøbet af det tyske containerrederi Hamburg Süd. Samtidig stiger fragtraterne på contain..

Nyt dansk biotekselskab får starthjælp fra Novo Seeds

02-12-2016 10:41:51
Behandling af neuropatisk smerte er omdrejningspunktet for det nystiftede danske biotekselskab Hoba Therapeutics, der netop er blevet stiftet ved hjælp af et ka..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge

Relaterede aktiekurser

Itau Unibanco Banco Hold.. 9,77 0,8% Stigning i aktiekurs
Texas Instruments Incorp.. 70,72 0,4% Stigning i aktiekurs
Unilever DR 37,05 0,7% Stigning i aktiekurs
Unilever NV 39,47 0,9% Stigning i aktiekurs
Colgate-Palmolive Compan.. 64,72 -0,6% Fald i aktiekurs
Campbell Soup Company 57,63 0,8% Stigning i aktiekurs
America Movil S.A.B. de .. 11,78 -0,6% Fald i aktiekurs
International Business M.. 160,02 0,1% Stigning i aktiekurs
Estee Lauder Companies I.. 75,84 -0,1% Fald i aktiekurs
Northern Trust Corporati.. 84,51 -1,1% Fald i aktiekurs
Unilever PLC ORD 3 1/9P 3.112,59 0,5% Stigning i aktiekurs
Unilever PLC 39,67 1,3% Stigning i aktiekurs
Praxair Inc 119,58 -0,1% Fald i aktiekurs
America Movil, S.A.B. de.. 11,60 -1,0% Fald i aktiekurs
Teck Resources Ltd Ordin.. 25,36 3,6% Stigning i aktiekurs
TransCanada Corporation 44,19 -0,1% Fald i aktiekurs
International Business M.. 158,53 -0,4% Fald i aktiekurs
IBM 153,00 0,9% Stigning i aktiekurs

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2016  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
4. december 2016 15:15:14
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20161129.2 - EUROWEB1 - 2016-12-04 15:15:14 - 2016-12-04 15:15:14 - 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