Canadian Imperial's $1.5 Billion Bond To Price Later Tuesday -Source
07 Setembro 2010 - 1:27PM
Dow Jones News
Canadian Imperial Bank of Commerce's (CM) $1.5 billion
three-year note has launched, according to a person familiar with
the matter.
The bond, due to price later Tuesday, launched at 75 basis
points over Treasurys.
The bond, rated Aa2/A+/AA-, is jointly led by Barclays Capital,
Citigroup Inc., JP Morgan Chase & Co. and CIBC.
Proceeds will be used for general corporate purposes, as per the
term sheet.
Also Tuesday, France Telecom's $750 million five-year note has
launched, according to a person familair with the matter.
The bond, rated A3/A-/A-, and joint led by Citigroup, HSBC and
Morgan Stanley, has launched at 82 basis points over comparable
Treasurys.
These bonds are among a flood of new bonds in the
investment-grade corporate bond market. So far on Tuesday alone,
bonds valued at over $8 billion have been issued. This exceeds the
total volume issued in September last year, when bonds worth $5.35
billion were sold, according to data provider Dealogic.
The heightened issuance is a result of low interest rates and
investor appetite for high-quality bonds as they put their money to
work.
Among the issuers are Aon Corp. (AON), International CCS and
Home Depot (HD) with $1 billion notes each, Dell Inc. (DELL) with a
$1.5 billion bond, Hospira Inc. (HSP) with a $500 million 30-year
bond and Burlington Northern Santa Fe (BNI) with a $500 million
note.
Dell's $1.5 billion three-part note has maturities of three,
five and 30 years. Joint leads on the deal are Barclays Capital,
Goldman Sachs and Morgan Stanley.
The use of proceeds is listed as general corporate purposes and
the bond is expected to price on Tuesday.
MetroPCS Wireless, Inc., an indirect wholly owned subsidiary of
MetroPCS Communications, Inc. (PCS) is in the market with a $500
million registered senior note due 2018.
The joint bookrunning managers are J.P. Morgan Securities LLC,
Barclays Capital and Deutsche Bank Securities Inc., and the
co-manager is Wells Fargo Securities, LLC.
Burlington Northern Santa Fe (BNI) is in the market with a $500
million two-part note.
Health Care Reit, Inc. (HCN), is also in the market with a $400
million 7-year note, according to a term sheet. Joint leads on the
note, rated Baa2/BBB-/BBB, are Barclays, JP Morgan Chase & Co.
and UBS.
-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227;
anusha.shrivastava@dowjones.com
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