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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
06/27/201613:28:00U.S. Bank Offers Customers a More Rewarding Experience with Two...
06/24/201616:26:04Amended Current Report Filing (8-k/a)
06/24/201615:38:22Annual Report of Employee Stock Plans (11-k)
06/23/201617:48:00U.S. Bancorp Discloses Summary Results of Dodd-Frank Act Stress...
06/23/201617:00:00U.S. Bancorp Exceeds Fed's Minimum Capital Level Under Stress...
06/20/201612:35:00U.S. Bank Names Retail Veteran to Lead Omnichannel Experience...
06/15/201613:00:00U.S. Bancorp Announces Quarterly Dividends
06/13/201616:20:51Current Report Filing (8-k)
06/13/201614:00:00U.S. Bancorp Names Dolan as CFO
06/13/201613:48:00U.S. Bancorp Names Terry Dolan as Chief Financial Officer
06/13/201611:05:00U.S. Bancorp Appoints Terry Dolan as Chief Financial Officer;...
06/10/201613:00:00U.S. Bancorp to Release Second Quarter Earnings Results and Host...
06/08/201614:01:00U.S. Bank and MasterCard® Bring More Mobile Payment Choices...
06/07/201616:05:00U.S. Bancorp to Speak at the Morgan Stanley 2016 Financials Conference
06/03/201610:00:00Ascent Private Capital Management of U.S. Bank Names John Zimmerman...
06/02/201612:53:00Banks' True Currency: Trust
05/25/201616:15:00U.S. Bancorp to Speak at Bernstein's Annual Strategic Decisions...
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)

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