Corning saves millions - last week's corp bonds
Corning was one of the borrowers issuing new debt last week. It wasn't the biggest issue, but there's a big spread between the paper it sold and the paper it's buying back. Enough that the company should save about $13 million per year in debt service.
Non-US borrowers and junk bond issues continue to make up a significant portion of the issues - 37% and 26% respectively.
The most common use of proceeds is debt refinance with a few acquisitions and share buybacks scattered in along with the catch-all 'general corporate purposes'.
Many of last week's deals were private, especially the junk and foreign issues. That's not unusual. What I haven't see much of are plans for capital expenditures, although that could be buried in 'gen corp purposes'.