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Caterpillar in Market With $1.5 Billion Bond Deal

Equipment maker Caterpillar Inc. (CAT) hit the U.S. debt markets Thursday with a $1.5 billion, three-part bond offering, enamored by low benchmark interest rates and seizing on a rare window of opportunity for borrowing with hopes of a coordinated solution to Europe's debt crisis. The deal comprises three-, five- and 10-year notes and is being led by Bank of America Merrill Lynch, Citigroup Inc. (C) and J.P. Morgan Chase & Co. (JPM). Proceeds will be used for general corporate purposes. On Wednesday, safe-haven Treasurys, to which corporate debt is benchmarked, rallied because the Federal Reserve said it would extend a form of stimulus that became known as "Operation Twist" through December, after it originally was scheduled to end this month. The Fed also left the door open for a further round of quantitative easing. "QE3 is still very much on the table," said Anthony Valeri, investment strategist in fixed income for LPL Financial, who put the chances of the Fed launching a fresh bond-buying spree later this year at 60%. Weaker-than-expected weekly jobless claims data also gave a boost to Treasurys. An index tracking the health of highly rated corporate bonds, called the CDX North American Investment Grade index, was 1.8% improved on the day, according to index administrator Markit. Caterpillar bonds were off to a strong start in secondary trade this session, with the company's 2.85% bonds due June 2022 trading at 0.91 percentage point over comparable Treasurys, a risk premium that was 0.16 point narrower than Wednesday's levels, according to MarketAxess. Write to Katy Burne at [email protected]

Stock News for Caterpillar (CAT)
DateTimeHeadline
01/12/201709:00:00Caterpillar Inc. to Announce Full-Year and Fourth-Quarter 2016...
01/12/201709:00:00Caterpillar Inc. to Announce Full-Year and Fourth-Quarter 2016...
01/11/201713:23:26Initial Statement of Beneficial Ownership (3)
01/04/201718:00:00Caterpillar Inc. Files Forms 4
01/04/201717:00:38Statement of Changes in Beneficial Ownership (4)
01/04/201716:59:20Statement of Changes in Beneficial Ownership (4)
01/04/201716:58:28Statement of Changes in Beneficial Ownership (4)
01/04/201716:57:36Statement of Changes in Beneficial Ownership (4)
01/04/201716:56:44Statement of Changes in Beneficial Ownership (4)
01/04/201716:48:32Statement of Changes in Beneficial Ownership (4)
01/04/201716:47:38Statement of Changes in Beneficial Ownership (4)
01/04/201716:46:46Statement of Changes in Beneficial Ownership (4)
01/04/201716:45:53Statement of Changes in Beneficial Ownership (4)
01/04/201716:45:00Statement of Changes in Beneficial Ownership (4)
01/04/201716:44:35Statement of Changes in Beneficial Ownership (4)
01/04/201716:43:43Statement of Changes in Beneficial Ownership (4)
12/28/201603:02:00Ahead of the Tape: Trump Gives 'Dogs of the Dow' Pause -- WSJ
12/27/201616:28:00Donald Trump Dogs Dow Strategy -- Ahead of the Tape
12/23/201608:32:00Caterpillar Announces Vice President Retirements and Appointments
12/23/201608:30:00Caterpillar Announces Executive Office Appointments and Changes

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