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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 katy.burne@dowjones.com

Stock News for Caterpillar (CAT)
DateTimeHeadline
04/25/201514:36:02After Crushing First-Quarter Estimates, Is Caterpillar Inc. Finally...
04/24/201510:28:41Barclays Raises Caterpillar Price Target to $93.00 (CAT)
04/23/201517:00:14MARKET SNAPSHOT: Nasdaq Posts First Record Close In 15 Years
04/23/201513:43:09Caterpillar Boosts 2015 Profit View -- 2nd Update
04/23/201513:36:09MARKET SNAPSHOT: S&P 500, Nasdaq Eclipse Record Closing Levels
04/23/201513:26:55MARKET SNAPSHOT: S&P 500, Nasdaq Eclipse Record Closing Levels
04/23/201513:25:57MARKET SNAPSHOT: Nasdaq Eclipses All-time High As U.S. Stocks...
04/23/201513:22:23MARKET SNAPSHOT: U.S. Stocks Inch Lower As Earnings, Data Disappoint
04/23/201513:17:11MARKET SNAPSHOT: U.S. Stocks Inch Lower As Earnings, Data Disappoint
04/23/201513:17:07U.S. Stocks Open Lower
04/23/201513:13:12Caterpillar Inc. Beats Estimates and Upgrades 2015 Outlook: Is...
04/23/201513:11:41MARKET SNAPSHOT: U.S. Stocks: Futures Inch Lower As Earnings...
04/23/201513:11:32Caterpillar Boosts 2015 Profit View -- Update
04/23/201513:08:23Caterpillar Boosts 2015 Profit Forecast
04/23/201513:06:05Correction to Caterpillar Boosts Profit Forecast Article
04/23/201513:01:20Caterpillar Boosts 2015 Profit Forecast but Says Challenges Remain
04/23/201512:50:24MARKET SNAPSHOT: U.S. Stocks: Futures Fall As Investors Await...
04/23/201512:37:51MARKET SNAPSHOT: U.S. Stocks: Futures Drop Ahead Of Earnings...
04/23/201512:37:49MARKET SNAPSHOT: U.S. Stocks: Futures Slide Ahead Of Earnings...
04/23/201512:29:33MARKET SNAPSHOT: U.S. Stocks: Futures Slide Ahead Of Earnings...

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