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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
04/16/201414:00:45MARKET SNAPSHOT: U.S. Stocks Rise; Yellen Optimistic On Economy
04/16/201413:50:23MARKET SNAPSHOT: U.S. Stocks Rise On Upbeat Data; Tech Earnings
04/16/201413:42:24U.S. Hot Stocks: Hot Stocks to Watch
04/16/201413:38:41U.S. Bancorp Profit Drops on Softer Mortgage Revenue
04/14/201410:01:24U.S. Bancorp to Buy Ally Bank's Document Custodian Unit
03/17/201410:28:03Huntington Bancshares Taps U.S. Bancorp Executive McCullough...
02/21/201413:40:09Big Banks Granted Flexibility in Calculating Capital
02/21/201413:30:21U.S. Regulators Give Eight Banks Flexibility in Calculating Capital
01/22/201417:14:04MARKET SNAPSHOT: IBM Drags On Dow; U.S. Stocks Mostly Rise
01/22/201417:00:09Judge Says Dish Properly Withdrew LightSquared Bid -- Update
01/22/201415:08:02Judge Suggests Dish Properly Withdrew LightSquared Bid
01/22/201411:11:45MARKET SNAPSHOT: IBM Drags On Dow As U.S. Stocks Mostly Fall
01/22/201410:17:37MARKET SNAPSHOT: U.S. Stocks Open Higher; IBM Drags On Dow
01/22/201408:16:27U.S. Bancorp Profit Grows 2.5% on Lower Taxes, Provisions
01/17/201416:26:37Dish Says It Properly Abandoned $2.2 Billion Bid for LightSquared
01/16/201419:32:10Falcone Says He Didn't Know Ergen Was Buying LightSquared Debt
01/15/201415:35:48Uneven Testimony Given at LightSquared Trial
01/15/201412:20:37Regions Financial To End Controversial Consumer-Loan Product...
01/15/201410:31:23Regions Financial To End Controversial Consumer-Loan Product
01/08/201413:10:07BofA's U.S. Holdings Should Provide Boost

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