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Issuance Window Open To High-Grade Deals, Closed to Others

By Patrick McGee Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- A decent range of corporate bond deals hit U.S. credit markets Tuesday. Most haven't been priced yet, so amounts are subject to change, but preliminary estimates put the day's issuance at $2.25 billion. As with the seven deals sold Monday, all four issues are investment-grade offerings. Tim Donahue, head of leveraged finance capital markets at J.P. Morgan Chase (JPM), said high-yield buy-side accounts are fatigued with the volatility from Europe, as seen in Friday's Lipper report, which showed a $2.2 billion net outflow from the high yield corporate sector. "With recent sizeable outflows on the retail side, accounts are being a bit more cautious with their cash and would be happy to roll into year-end where they sit today," Donahue said Tuesday. "That being said, if we see a few days of consecutive sizable positive equity market moves like Monday, all that will change and we will see a flurry of deals before year end." The biggest deal in the market is a $750 million, three-part offering from Johnson Controls Inc. (JCI), which features five-year, 10-year, and 30-year maturities, according to a person familiar with the deal. Reno, Nev.-based John Deere Capital Corp., an affiliate of Deere & Co (DE), plans to issue a benchmark-size bond deal with three- and five-year maturities--its seventh bond deal of 2011, according to data provider Dealogic. Already this year the firm sold three-year floating- and fixed-rate notes in February; two-year floating-rate notes in June and July and five- and 10-year fixed-rate notes in June and July, respectively; five-year notes in August; three-year floating-rate notes in September; and floating-rate two-year and fixed-rate 10-year notes in October. Raytheon Co. (RTN) is also in the market, with a benchmark-size offering structured with three- and 30-year maturities. The bond offering comes within hours of the company announcing a deal with the U.S. Air Force that allows it to begin production of its Miniature Air Launched Decoy, or MALD, a low-cost flight vehicle weighing less than 300 pounds that Raytheon describes as an "air-launched programmable craft that accurately duplicates the combat flight profiles and signatures of U.S. and allied aircraft." Finally, Walt Disney Co. (DIS) is marketing an undetermined amount of three-year and 30-year bonds. Recapping Monday, when at least $3.33 billion entered the primary market, the Barclays Capital U.S. Credit Index improved one basis point to finish at an average risk premium of 2.30 percentage points over Treasurys. Investment grade derivatives improved five basis points, according to Markit's CDX IG index. -By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com

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