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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
08/14/201516:16:19Statement of Changes in Beneficial Ownership (4)
08/14/201516:15:04Statement of Changes in Beneficial Ownership (4)
08/10/201517:17:53Form 13f Holdings Report (13f-hr)
08/05/201515:08:11Quarterly Report (10-q)
08/05/201511:47:32Current Report Filing (8-k)
07/31/201510:58:00U.S. Bancorp and Zions Bank Sign Renewable-Energy Tax-Equity...
07/30/201516:00:00U.S. Bancorp to Present at InvestMNt Conference
07/27/201510:42:00U.S. Bank and Chrome River Strengthen Partnership, Add Benefits...
07/27/201510:42:00U.S. Bank Forms Strategic Channel Partnership with Adelman Travel
07/22/201516:23:31Current Report Filing (8-k)
07/21/201512:00:00U.S. Bank Names Mike Katz Puget Sound Market President
07/20/201516:19:37Statement of Changes in Beneficial Ownership (4)
07/15/201517:52:00U.S. Bancorp Posts Results of Dodd-Frank Act Mid-Cycle Stress...
07/15/201513:18:17U.S. Bancorp Says Pressure From Low Rates Looks to Ease--Update
07/15/201508:30:05U.S. Bancorp Reports Declines in Profit, Revenue Despite Loan...
07/15/201508:18:08U.S. Bancorp Reports Declines in Profit, Revenue Despite Loan...
07/15/201507:22:13Current Report Filing (8-k)
07/15/201507:15:00U.S. Bancorp Reports Second Quarter 2015 Earnings
07/13/201513:00:00Your Community App Powered by U.S. Bank Launches
07/13/201512:26:023 Bank Stocks to Buy In July

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