ADVFN - Advanced Financial Network.
HOME» NYSE » C » CAT Stock Price » CAT Stock News

Caterpillar Share News

 Caterpillar Inc. Stock Price
CAT Stock Price
 Caterpillar Inc. Stock Chart
CAT Stock Chart
 Caterpillar Inc. Stock News
CAT Stock News
 Caterpillar Inc. Company Information
CAT Company Information
 Caterpillar Inc. Stock Trades
CAT Stock Trades

Household-Name Borrowers Flooding US Corporate-Bond Market

By Katy Burne A rash of companies, led by household names Caterpillar Inc. (CAT), 3M Co. (MMM) and Target Corp. (TGT), crowded the U.S. bond market Thursday with nearly $6 billion of debt offerings, seizing on an opportunity to borrow, with fewer negative headlines out of Europe and expectations of additional federal stimulus in the U.S. Caterpillar came out with a $1.5 billion, three-part bond offering, having raised the same amount in mid-May; 3M offered a $1 billion deal and Target offered a "benchmark" sale expected to be at least $500 million. Rounding out the list of borrowers with benchmark-sized deals were Ally Financial Inc., the former finance arm of General Motors Co. (GM); Total Capital International, a unit of Total S.A. (TOT, FP.FR); and Odebrecht Finance, a unit of the Brazilian conglomerate Odebrecht S.A. Western Gas Partners LP (WES) had a $525 million offering; Pioneer Natural Resources Co. (PXD) planned to raise $500 million; investment-holding company Alleghany Corp. (Y) $400 million; and BioMed Realty LP (BMR) $250 million. Tom Murphy, a portfolio manager at Columbia Management who oversees $25 billion of investment-grade company debt, said a diverse mix of borrowers had hit the market, with some infrequent issuers that many managers would want to add to their portfolios. The surge in deals, Mr. Murphy added, was driven by "a combination of a little bit of calm in Europe, combined with people getting enough out of the [Federal Reserve on Wednesday] to keep rates in a range that makes issuance attractive." On Wednesday, safe-haven Treasurys, to which corporate debt is benchmarked, rallied after the Federal Reserve said it would extend through December a form of stimulus that became known as "Operation Twist." The program was originally scheduled to end this month. The Fed also left the door open for a third round of economic stimulus called 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 jobless-claims data, coupled with lackluster data out of China and euro-zone manufacturers, continued to give Treasurys a boost Thursday, sending prices to session highs. Bond prices and yields move in opposite directions. Five-year Treasurys were up 1/32 to yield 0.735%, 10-year notes were up 4/32 to yield 1.628% and 30-year Treasury bonds were up 11/32 to yield 2.707%. Yields fall as prices rise. Meanwhile, an index tracking the health of highly rated corporate bonds, called the CDX North American Investment Grade index, was up 1.6% on the day, according to index administrator Markit. Caterpillar's bonds were off to a strong start in secondary trading this session, with its 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
07/24/201416:25:29MARKET SNAPSHOT: S&P 500 Ekes Out A Record, But Dow Industrials...
07/24/201412:10:53MARKET SNAPSHOT: U.S. Stocks Edge Higher; Earnings In Focus
07/24/201410:42:14MARKET SNAPSHOT: U.S. Stocks Pare Gains; Home Sales Disappoint
07/24/201410:26:15U.S. Stocks Rise on Data, Earnings
07/24/201409:51:18MARKET SNAPSHOT: U.S. Stocks Open Higher; Facebook Jumps On Results
07/24/201409:45:55U.S. Hot Stocks: Hot Stocks to Watch
07/24/201409:21:25MARKET SNAPSHOT: U.S. Stocks: Futures Up; Jobless Claims Tumble
07/24/201407:17:12MARKET SNAPSHOT: U.S. Stocks: Futures Up As Ford, Facebook Rise...
07/24/201406:16:16MARKET SNAPSHOT: U.S. Stocks: Futures Up With Eyes On Ford, Facebook
07/21/201403:20:37MARKET SNAPSHOT: Small Caps' Slump, Ukraine Fears May Hold Up...
06/22/201421:06:39Rep. McCarthy Doesn't Support U.S. Export-Import Bank--2nd Update
06/10/201417:59:34Caterpillar Settles Engine-Fire Suit for $46 Million
05/20/201417:08:00MARKET SNAPSHOT: U.S. Stocks Decline; Dow In Triple-digit Loss
05/12/201417:26:43Dow, S&P Close at New Highs
05/06/201417:48:11BOND REPORT: Long-term Treasurys Extend Gains After Auction
05/06/201417:30:28BOND REPORT: Long-term Treasurys Extend Gains Ahead Of Auctions
05/05/201418:16:18Caterpillar Sells $500 Million of 50-Year Bonds
05/05/201417:16:29BOND REPORT: Treasurys Fall After Strong Service-sector Report
05/02/201418:28:14Caterpillar Unit May Face Air-Pollution Fines -- 2nd Update
05/02/201418:06:42Caterpillar Unit May Face Air-Pollution Fines -- Update

Caterpillar and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad