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High Grade Bond Issuance Tops $19B Today, Most Since September (Verizon)
Photo Credit: Forbes Business

High Grade Bond Issuance Tops $19B Today, Most Since September (Verizon)

Mar 4 2014, 3:30pm CST | by

Today’s reprieve from escalating global tensions left the primary-market window wide open for issuers, allowing 13 borrowers to launch new deals today, totaling $19.2 billion. Under LCD criteria,...

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20 weeks ago

High Grade Bond Issuance Tops $19B Today, Most Since September (Verizon)

Mar 4 2014, 3:30pm CST | by

Today’s reprieve from escalating global tensions left the primary-market window wide open for issuers, allowing 13 borrowers to launch new deals today, totaling $19.2 billion.

Under LCD criteria, which excludes sovereign, quasi-sovereign, supranational, and preferred and hybrid-structure deals, issuance volume today is the most since Verizon Communications placed a record-smashing $49 billion deal across eight tranches on Sept. 11 last year.

Issuance volume was only higher than today’s total on one other occasion last year, after Apple’s $17-billion debt deal on April 30 led a slightly higher $19.45 billion slate of new issues inked that day.

Today’s issuance volume raised the five-session total north of $35 billion. When excluding readings incorporating the Apple and Verizon deals, that total was also the highest for any five-day period since the first full week of January last year, LCD data shows.

The breadth of participation was also notable. The primary market has only facilitated deals for more issuers in a single session once in the last 12 months, after 14 issuers placed a substantially lighter $12.8 billion slate of new debt on Nov. 18 last year.

Investors had their pick from 26 individual tranches today, more than on any day last year or so far in 2014, LCD data show.

A majority of issuers targeted refinancing efforts, including Gilead Sciences ($4 billion to refinance current debt and settle up to $2.9 billion of warrants); Viacom ($1.5 billion to repay debt, including $600 million outstanding of its 4.375% notes due Sept. 15, 2014 on April 3, by utilizing a make-whole call provision); Coca-Cola ($1 billion of 18-month FRNs to repay commercial paper); Aetna ($750 million to refinance the same amount of 6% notes due June 2016); Potash Corp. of Saskatchewan ($750 million, primarily to repay a May debt maturity); Air Lease Corp. ($500 million for unspecified refinancing efforts); Pitney Bowes ($500 million, backing its second debt-tender offer in as many years); and NSTAR Electric ($300 million to repay the same amount of 4.875% notes due April 15).

Burlington Northern Santa Fe ($1.5 billion, in its third offering of 10- and 30-year notes in that amount since last March) also listed debt repayment as a possible use of proceeds, among other general corporate purposes.

Refinancing efforts came with the average corporate-bond yield across the Barclays high-grade index at a nine-month low, near 3%, or less than the record-low annual averages from 2012-2013.

Bank and insurance companies rounded out today’s impressive slate, including deals for Bank of Tokyo-Mitsubishi ($4 billion across five tranches); Citigroup ($1.65 billion of three-year fixed- and floating-rate notes); Royal Bank of Canada ($1.65 billion of five-year fixed- and floating-rate notes); and AIA Group ($1 billion). 
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Source: Forbes Business

 
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10

6 weeks ago

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KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddi ...
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Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

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PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Sel ...
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Update
5

6 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

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KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 milli ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

6 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry ...
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Update
3

6 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

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JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year invo ...
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Update
2

6 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

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PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan B ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

6 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kidex) ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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