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Baxter Leads Another Busy Day for U.S. Corporate Bond Issuance

By Mike Cherney Highly rated companies are seeking to borrow at least $2.8 billion on Wednesday, adding to the more than $14 billion in investment-grade bonds sold earlier this week. Leading the day so far is health-care company Baxter International Inc. (BAX), with a two-part $750 million sale, offering 10- and 30-year maturities. The company will use the proceeds for general corporate purposes, including capital expenditures to "support longer-term growth of our plasma-based treatments," according to a bond prospectus. Insurer MetLife Inc. (MET), soft drink maker PepsiCo Inc. (PEP) and pipeline operator Kinder Morgan Energy Partners LP (KMP) plan to borrow $500 million each, with maturities ranging from three to 30 years. Kinder Morgan will use the proceeds to pay a portion of a $6.22 billion pipeline acquisition from its general partner, Kinder Morgan Inc. (KMI). Diversified manufacturer Leggett & Platt Inc. (LEG) plans to borrow $300 million via 10-year notes, and real estate firm Essex Portfolio LP (ESS) plans to issue $250 million also for 10 years. In the first seven days of August, investment-grade companies borrowed more than $15 billion, significantly more than the same period last year, when they borrowed $10.2 billion, according to data provider Dealogic. Two years ago, however, companies with investment-grade credit ratings borrowed nearly $34 billion over the same period. Low rates make it enticing for companies to refinance existing debt and take out new loans. That has given some investors pause. "These longer-dated bonds are probably dangerous at this stage in the economic cycle," said William Larkin, fixed income portfolio manager at Cabot Money Management. "We have very low coupons and long maturities, and that can be a recipe for a disaster if we get a stronger economic recovery." In the high-yield market Wednesday, cable operator Charter Communications Inc. (CHTR) is planning to sell $1 billion in 10-year notes through two subsidiaries. Write to Mike Cherney at mike.cherney@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Metlife (MET)
DateTimeHeadline
05/29/201515:49:00A.M. Best Assigns Debt Rating to MetLife, Inc.âs New Preferred S...
05/28/201517:28:12Current Report Filing (8-k)
05/28/201517:26:53Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/28/201506:05:00Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
05/27/201508:57:00MetLife Launches Retirement Income Insurance® QLAC
05/27/201508:45:26Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
05/21/201516:05:00MetLife Chairman, President & CEO to Speak at Deutsche Bank Global...
05/21/201513:30:00MetLife Global Technology and Operations Celebrates Grand Reopening...
05/20/201512:15:10What Is the S&P 500 Index?
05/15/201516:29:38Current Report Filing (8-k)
05/15/201516:05:00MetLife Declares Second Quarter 2015 Preferred Stock Dividends
05/15/201506:17:00MetLifeâs Infinity App Wins Fifth Industry Award and Ranks a...
05/13/201516:10:31Statement of Changes in Beneficial Ownership (4)
05/12/201522:00:00MetLife Asia Sweeps Asia-Pacific Stevie® Awards With Five Honors
05/11/201522:30:33U.S. Defends MetLife Decision, Seeks Dismissal of Suit
05/11/201522:13:20U.S. Defends MetLife Decision, Seeks Dismissal of Insurer's Suit
05/08/201516:43:12Amended Statement of Beneficial Ownership (sc 13d/a)
05/06/201520:16:37MetLife's Operating Profit Rises 4.9% -- 2nd Update
05/06/201516:40:52MetLife's Operating Profit Rises 4.9%--Update
05/06/201516:37:38MetLife's Operating Profit Rises 4.9%

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