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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TechnipFMC Limited | NYSE:FTI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.69 | 0 | 01:00:00 |
At least $8 billion worth of high-grade corporate bonds are expected to price Tuesday, as a dozen companies take advantage of strong demand and low borrowing costs.
Swiss pharmaceutical company Novartis AG (NVS) is leading the way with $2 billion worth of 10- and 30-year bonds, marking its first foray into the U.S. markets since it sold $5 billion worth in March 2010. Tuesday's proceeds are for general purposes, including to refinance short- and long-term debt.
First-time issuer FMC Technologies (FTI) is selling $800 million in a two-part deal, while Harley-Davidson Inc. (HOG) and oil-and-gas group Total SA (TOT) are each selling at least $500 million of three-year notes.
Four of the 12 companies looking to sell bonds today haven't said how big the deals will be, as banks arranging the issues are still gauging investor demand.
The climate is favorable for borrowers; Average yields are just 2.91%, or 0.02 percentage point from the record low as measured by the Barclays U.S. corporate investment-grade index, which goes back four decades. Spreads to Treasurys--the extra yield corporate bonds offer over comparable Treasury bonds--hit a new 13-month low of 1.56 points on Monday.
Meanwhile, investor demand is robust following moves by the European Central Bank and U.S. Federal Reserve to buy bonds, sending prices higher and yields lower on most kinds of riskier fixed-income assets.
Last week's inflow of cash into high-grade corporate bonds totaled $2.4 billion, or double the 2012 weekly average, according to RBS Securities on Monday.
-Write to Patrick McGee at patrick.mcgee@dowjones.com
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