International CCE's $1 Billion Bond To Price Later Tuesday
07 Setembro 2010 - 3:50PM
Dow Jones News
International CCE's $1 billion bond has launched, according to a
person familiar with the matter.
The 10-year $525 million tranche launched at 100 basis points
over Treasurys and the five-year $475 million portion launched at
80 basis points over Treasurys. The bond will price later
Tuesday.
Meanwhile, France Telecom's (FTE, FTE.FR) $750 million bond has
priced, according to a person familiar with the matter.
The bond sold at 82 basis points over Treasurys, to yield
2.238%.
These bonds are one of several new investment-grade bonds
flooding the market Tuesday, with Dell Inc. (DELL), Home Depot Inc.
(HD) and other top-rated companies issuing more than $9 billion in
debt, exceeding the total of $5.35 billion in all of September last
year.
Companies were able to take advantage of low interest rates
because investors had few savory alternatives: Stock market
volatility spiked on renewed concern about the health of Europe's
biggest banks and yields on money markets and government debt are
plumbing record lows.
"Interest rates are low, we got past the payroll numbers on
Friday and everyone is chasing yields," said Patrick Sporl, a
senior portfolio manager at American Beacon Advisors in Fort Worth,
Texas.
Tuesday was especially busy because this week--the first after
the unofficial end of summer--includes two holidays: Labor Day on
Monday and Rosh Hashana, the Jewish New Year starting Wednesday at
sundown. "The calendar is such that we have a lot of deals," Sporl
said. In a holiday-shortened week, he added, issuers are keen to
sell bonds sooner rather than later.
Dell was selling a $1.5 billion deal, as were the Canadian
Imperial Bank of Commerce (CM, CM.T) and the insurer AON Corp.
(AON). Home Depot was selling $1 billion of debt, its first bond
sale since 2006, as were Medco Health Solutions Inc. (MHS) and
International CCE, the soft-drinks bottler.
Allergan Inc. (AGN) was in the market with a $650 million
10-year note; Hospira Inc. (HSP) with a $500 million 30-year bond;
and Burlington Northern Santa Fe (BNI), with a $500 million
note.
Societe General (SCGLY, GLE.FR) and the Province of Ontario had
benchmark notes, Health Care Reit Inc. (HCN) had a $450 million
seven-year note and Parker Hannifin (PH) had a $300 million
note.
Canadian Imperial Bank of Commerce's three-year note has
launched, according to a person familiar with the matter, and is
due to price later Tuesday. It is rated Aa2/A+/AA- and launched at
75 basis points over Treasurys. Barclays Capital, Citigroup Inc.
(C), J.P. Morgan Chase & Co. (JPM) and CIBC are leading the
sale.
Dell's $1.5 billion three-part note has maturities of three,
five and 30 years, and is expected to price on Tuesday. Barclays
Capital, Goldman Sachs (GS) and Morgan Stanley (MS) are joint leads
on the deal.
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.
-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227;
anusha.shrivastava@dowjones.com
Hospira (NYSE:HSP)
Gráfico Histórico do Ativo
De Set 2024 até Out 2024
Hospira (NYSE:HSP)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024