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ABB, US Bancorp Propel Corporate Bond Issuance To Five-Week High

By Patrick McGee Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Two issuers placed jumbo deals in the high-grade corporate bond market Thursday, but new volume otherwise slowed down as participants digested a flurry of issuance from earlier in the week. The financing arm of power and technology company ABB Ltd. (ABBN.VX) sold $2.5 billion in a three-part debt deal, while U.S. Bancorp. (USB) priced $1.25 billion in a single tranche of five-year debt. The deals follow the fifth-busiest session for new issuance this year. Six large borrowers tapped the market Wednesday, pricing more than $12 billion of debt. With today's new deals, new issuance for the week is around $21 billion, according to Dealogic, making it the busiest week since late March. April volume was subdued given renewed market volatility coupled with earnings-related "blackout" periods preventing companies from selling bonds. Investors who have been building up cash have been rewarding recent-issues with favorable pricing. ABB priced its five-, 10-, and 30-year bonds at 95 basis points, 120 basis points, and 145 basis points respectively over comparable Treasurys. The respective yields were 1.772%, 3.129%, and 4.568%. The U.S. Bancorp deal was sold at a yield of 1.689%, or 87.5 basis points over Treasurys. Among smaller deals, Korea Western Power Co. sold a $500 million five-year bond at a yield of 235 basis points over comparable Treasurys, or 3.169%. The deal was at least five times oversubscribed. Meanwhile, bonds weakened in the secondary market ahead of April's nonfarm payrolls report, due Friday at 8:30am EST. The CDX North America Investment-Grade Index, a barometer of sentiment in the corporate bond market, deteriorated 1.9% in late trading. -By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com

Stock News for Us Bancorp (USB)
DateTimeHeadline
05/19/201616:05:30Statement of Changes in Beneficial Ownership (4)
05/16/201617:47:53Current Report Filing (8-k)
05/13/201612:36:27Form 13f Holdings Report (13f-hr)
05/09/201616:48:00U.S. Bancorp to Speak at the Barclays Americas Select Franchise...
05/06/201612:43:14Quarterly Report (10-q)
05/02/201609:07:00U.S. Bank Launches Community Possible Relay Focused on Work...
04/29/201616:34:23Statement of Changes in Beneficial Ownership (4)
04/29/201616:30:47Statement of Changes in Beneficial Ownership (4)
04/29/201610:06:00U.S. Bank Leads $1.4 Billion Term Loan Refinance for General...
04/28/201616:22:04Statement of Changes in Beneficial Ownership (4)
04/27/201616:22:35Statement of Changes in Beneficial Ownership (4)
04/27/201616:22:35Statement of Changes in Beneficial Ownership (4)
04/27/201610:00:00Small Business Owners Can Experience the Power of Possible from...
04/26/201616:21:36Statement of Changes in Beneficial Ownership (4)
04/26/201616:19:20Current Report Filing (8-k)
04/26/201609:00:00U.S. Bank Launches New Pilot App for Local Businesses in Lawrence...
04/25/201616:13:38Statement of Changes in Beneficial Ownership (4)
04/25/201616:13:09Statement of Changes in Beneficial Ownership (4)
04/25/201615:00:00U.S. Bancorp Elects Laura Bednarski as Corporate Secretary
04/25/201612:42:00U.S. Bank Names Scott Schmid as Market Leader for The Private...

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