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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
02/11/201608:50:25Amended Statement of Ownership (sc 13g/a)
02/11/201608:00:00U.S. Bancorp Names John Steward President of Retail Payment Solutions
02/10/201617:13:03Form 13f Holdings Report (13f-hr)
02/10/201612:00:00U.S. Bank Taps Mark Jorgenson to Lead Community Banking
02/09/201612:40:00CFPB Presses Banks, Credit Unions to Offer 'Small-Dollar Loans'
02/09/201608:31:58Current Report Filing (8-k)
02/04/201609:00:00U.S. Bank is First to Offer MasterCard® Business Network for...
02/02/201616:22:04Statement of Changes in Beneficial Ownership (4)
02/02/201616:00:00U.S. Bancorp to Speak at the Credit Suisse Financial Services...
02/01/201616:17:32Statement of Changes in Beneficial Ownership (4)
02/01/201616:16:41Statement of Changes in Beneficial Ownership (4)
02/01/201616:15:24Statement of Changes in Beneficial Ownership (4)
02/01/201616:15:24Statement of Changes in Beneficial Ownership (4)
01/29/201616:15:38Current Report Filing (8-k)
01/27/201616:31:49Statement of Changes in Beneficial Ownership (4)
01/27/201616:29:39Statement of Changes in Beneficial Ownership (4)
01/27/201616:29:39Statement of Changes in Beneficial Ownership (4)
01/27/201616:28:46Statement of Changes in Beneficial Ownership (4)
01/27/201616:27:30Statement of Changes in Beneficial Ownership (4)
01/27/201616:26:13Statement of Changes in Beneficial Ownership (4)

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