Big Savings for Verizon, New Low for Microsoft
Low as in record low yield on a 5-year corporate bond for Microsoft.
The storm pretty much shut down the new issues in corporate bonds for the first few days of last week. But, a couple of strong days closing out the week brought $25 billion to market.
In addition to Microsoft's record setting, sub-1% yield on a five-year, Verizon and General Dynamics stand to save millions in interest expenses with refinancings, Aetna borrowed some of the money it needs to buy Coventry and BP didn't really tell anyone much about why it was borrowing money.
No position in any company mentioned.