Highlights from last week's corp bond issues
A few of the highlights from last week's corporate bond issues. The total for the week was $35.8 billion. $16.4 billion of that was from companies based outside the US.
The biggest borrower was GE with $7 billion; $5 billion of that goes to refinance higher coupon debt, the other $2 billion is for general corporate purposes. Next was Heineken with $3.25 billion to help finance its acquisition of Asia Pacific Breweries.
Sixteen of the issues were junk bonds for a total of $8.4 billion. A junk issue profiled in the article was Crown Castle's issue that's effectively helping fund a of cell tower deal with T-Mobile. That coupon rate was 5.25% on 10-year paper, which doesn't seem like much of a premium over investment grade for the step down in credit quality.
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Disclosure: Long GE. No position in any other company mentioned.