| Lockheed Martin Issued $7.0 Billion Worth of High-Grade Bonds | |
| | |
|
Lockheed Martin Dominated the High-Grade Bond Market (Continued from Prior Part) Deals overview
US corporates were the biggest issuers of high-grade bonds in the week ending November 20. They accounted for 36.7%, or $12.05 billion, of all the issues. Yankee bond issuers were next. They accounted for 27.6% of all the issues. Meanwhile, US financials issued $6.5 billion worth of high-grade bonds. They accounted for 19.8% of the total issuance. The week ending November 20 brought the YTD (year-to-date) issuance of high-grade corporate bonds to $1.4 trillion.
The issuances by high-grade corporates form part of mutual funds like the Janus Flexible Bond Fund – Class A (JDFAX) and the TIAA-CREF Bond Index Fund – Retail Class (TBILX).
Lockheed Martin Corporation’s issue
Lockheed Martin (LMT) is a global security and aerospace company. It issued Baa1/BBB+ rated high-grade bonds worth $7.0 billion through six parts:
- $750 million in 1.9% three-year notes issued at a spread of 72 basis points over similar-maturity Treasuries
- $1.3 billion in 2.50% five-year notes issued at a spread of 92 basis points over similar-maturity Treasuries
- $500 million in 3.10% seven-year long notes issued at a spread of 117 basis points over similar-maturity Treasuries
- $2.0 billion in 3.6% ten-year long notes issued at a spread of 137 basis points over similar-maturity Treasuries
- $500 million in 4.50% 20-year long bonds issued at a spread of 157 basis points over similar-maturity Treasuries
- $2.0 billion in 4.70% 30-year long bonds issued at a spread of 172 basis points over similar-maturity Treasuries
Westpac Banking’s issue
Westpac Banking is an Australian bank. It provides a range of financial products. It issued Aa1/AA- rated high-grade bonds worth $3.8 billion in three parts:
- $1.0 billion in three-year FRNs (floating-rate notes) issued at three-month LIBOR + 74 basis points
- $1.0 billion in 2% three-year notes at a spread of 77 basis points over similar-maturity Treasuries
- $1.8 billion in 2.60% five-year notes at a spread of 97 basis points over similar-maturity Treasuries
Novartis Capital’s issue
Novartis Capital is a subsidiary of Novartis AG (NVS). It issued Aa3/AA- rated high-grade bonds worth $3.0 billion in two parts:
- $1.8 billion in 3.0% ten-year notes at a spread of 85 basis points over similar-maturity Treasuries
- $1.3 billion in 4.0% 30-year bonds at a spread of 105 basis points over similar-maturity Treasuries
Duke Energy’s issue
Duke Energy (DUK) is a sustainable electric and gas company. It issued A3/BBB+ rated high-grade bonds worth $1.0 billion in two parts:
- $400 million in 3.8% ten-year on-tap bonds at a spread of 135 basis points over similar-maturity Treasuries
- $600 million in 4.80% 30-year bonds at a spread of 175 basis points over similar-maturity Treasuries
General Motors Financial Company’s issue
General Motors Financial Company is a wholly owned subsidiary and financial arm of General Motors (GM). It issued high-grade bonds worth $1.0 billion last week. The single-tranche Ba1/BBB- rated five-year issue was raised at a coupon of 3.7%. The high-grade bonds were issued at a spread of 205 basis points over similar-maturity Treasuries.
Continue to Next Part Browse this series on Market Realist:
|
|
|
Duke Energy
|
|
|
CODE : DUK |
ISIN : US26441C2044 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Duke Energy is a and oil producing company based in United states of america. Duke Energy is listed in United States of America. Its market capitalisation is US$ 68.8 billions as of today (€ 64.6 billions). Its stock quote reached its lowest recent point on May 02, 2003 at US$ 10.00, and its highest recent level on February 17, 2023 at US$ 99.99. Duke Energy has 700 299 523 shares outstanding. |