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Investment-Grade Corporate Bond Sales in U.S. Set a Record

By Katy Burne Companies rushed Monday to issue $10 billion of investment-grade bonds in the U.S., tapping a spigot of cheap debt and taking issuance for the month of July to its highest level since at least 1995, according to data provider Dealogic. The $58.9 billion in issuance so far this month surpasses the previous record high for a July of $57.4 billion in 2010, said Dealogic, whose data go back to 1995. On its own, Monday was the second-busiest day in terms of volume this month, as companies came off the sidelines after sensing a rosier outlook among investors--and hurried to borrow before labor-market data due later this week or other macroeconomic sore spots could spoil investors' moods. "There is a lot of potential volatility over the near term, so you have a very compelling argument to take money now, given the upcoming [presidential] elections, the fiscal cliff and the problems in Greece," said Paul Spivack, global head of debt syndicate at Morgan Stanley. Issuers were enticed to market by recent offerings by other companies at some of the lowest borrowing costs in their history. Colgate-Palmolive Co. (CL) Friday sold 10-year bonds with a 1.95% coupon, its lowest ever, for example, and International Business Machines Corp. (IBM) Wednesday sold 10-year bonds with a 1.875% coupon, a record low for investment-grade issuers in that maturity. "Every deal that prices seems to set a new record, and even when it doesn't, it sets a new low for that company," Mr. Spivack said. Leading the pack Monday were Teck Resources Ltd. (TCK), with a $1.75 billion debt sale; Texas Instruments Inc. (TXN), with a $1.5 billion sale; and Campbell Soup Co. (CBP), with a $1.25 billion deal to help pay for its acquisition of Bolthouse Farms. Teck's offering was split into three pieces: $500 million of five-and-a-half-year notes launched at 1.95 percentage points over comparable Treasurys; $750 million of 10.5-year bonds at 2.35 points and $500 million of long 30-year bonds at 2.85 points over Treasurys. Texas Instruments offered three-year notes at 0.30 point over Treasurys and seven-year notes at a spread of 0.75 point. Campbell Soup's debt came in three parts: a $400 million tranche of two-year, floating-rate debt launched at 0.30 point over the London interbank offered rate; a $450 million, 10-year fixed-rate piece launched at 1.08 points over Treasurys and $400 million of 30-year debt at a spread of 1.28 points over Treasurys. Separately, Unilever Capital Corp., a unit of Unilever N.V. (UN) and Unilever PLC (UL), split a $1 billion sale between $450 million of three-year debt that priced at 0.27 point over Treasurys and $550 million of five-year notes at 0.47. Both were on track to set record-low coupons for the household-products industry of 0.45% and 0.85%, respectively, across those maturities. Also in the market Monday were Brazilian bank Itau Unibanco Holding SA (ITUB) for $1.25 billion; TransCanada PipeLines Ltd. (TRP) for $1 billion; Mexican wireless company America Movil SAB (AMOV) for $750 million; and three domestic companies: industrial-gases provider Praxair Inc. (PX), wealth-management company Northern Trust Corp. (NTRS) and beauty-care company Estee Lauder Cos. (EL), each for $500 million. Write to Katy Burne at katy.burne@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for America Movil (AMX)
DateTimeHeadline
10/23/201402:15:06Telekom Austria 3Q Net Profit Surges to EUR127.8 Million
10/20/201421:10:46America Movil Raises Stake in Telekom Austria
10/20/201419:09:21America Movil Raises Stake in Telekom Austria to 59.7%
09/30/201418:03:23ADR Shares End Lower; America Movil, HSBC Shares Trade Actively
09/30/201412:43:05Brazil's Government Raises Less Than Expected From Auction of...
09/23/201417:53:43Brazil's Oi Won't Participate in Country's Airwave Auction
09/16/201418:21:44ADR Shares End Higher; Petrobras Shares Trade Actively
09/10/201421:10:23Ricardo Salinas to Buy Televisa's Stake in Iusacell
08/21/201407:32:00Brazilian Court Gives Green Light to Airwaves Auction Process
08/19/201408:25:49Telecommunication-Tower Operator T4U Plans IPO in Brazil
07/21/201418:03:34ADR Shares End Mixed; Philips Shares Trade Actively
07/14/201419:30:42America Movil Secures Majority Stake in Telekom Austria
07/09/201417:30:46ADR Shares End Higher; America Movil, Teva Shares Trade Actively
06/30/201417:04:08ADR Shares End Mixed; Philips, America Movil Trade Actively
06/27/201418:49:40Slim to Buy Back America Movil Stake from AT&T
06/27/201418:48:41Carlos Slim to Buy Back 8.3% America Movil Stake from AT&T
06/17/201406:22:21Telekom Austria's New Ownership Structure Approved by Regulator
06/11/201418:22:03Ecuador to Begin 4G Mobile Spectrum Talks With Private Operators
05/19/201410:47:33America Movil Shares Fall Sharply as AT&T to Sell Stake
05/15/201408:39:20America Movil Publishes Takeover Offer for Telekom Austria

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