DQE Duquesne LT Hldgs

US Bancorp (USB) is in the market with a benchmark three-year bond, scheduled to price later Wednesday.

The bond is rated Aa3, A+/AA- and joint leads include Credit Suisse and Deutsche Bank.

American Express Credit Corp. (AXP) is also in the investment-grade bond market Wednesday with a $1 billion five-year bond.

Rated A2/BBB+/A+, the deal is joint led by Citigroup, Deutsche Bank, Goldman Sachs and Royal Bank of Scotland.

The bonds are an addition to the steady flow of new bonds in the investment-grade corporate bond market, after more than $10 billion emerged on Tuesday.

Companies are taking advantage of low interest rates because investors have had few alternatives with a volatile stock market and renewed concern over the health of Europe's biggest banks. Yields on money markets and government debt are at record lows.

"There could be a lot of new deals again," said Scott MacDonald, head of research at Aladdin Capital Holdings, noting "the longer issuers wait, the landscape to issue into gets more complicated."

With problems in Europe and the weak economy, "a myriad of issues could roil the market," he said.

Hewlett Packard Co. (HPQ) has a fixed rate three-part benchmark note, according to a person familiar with the matter. The issue, with its two-, three- and five-year tranches, is scheduled to price later Wednesday.

The Republic of Italy is tapping the soaring interest for bonds with a $2 billion, three-year issue, according to Jim Vogel of FTN Financial. The initial price has widened five basis points to the area of 120 basis points over midswaps, a benchmark.

Another issuer Wednesday is Unum Group (UNM) of Chattanooga, Tenn., with a $300 million 10-year unsecured note issue. Morgan Stanley and UBS AG are the bookrunners. The company, a provider of employee benefits in the U.S. and U.K., will use the money to repay maturing senior notes and for other corporate purposes.

Duquesne Light Holdings Inc. (DQE) is tapping the market with a $300 million 10-year note offered via the private 144a market. The bond is rated Ba1/BBB- and is scheduled to price Wednesday. Joint leads are Barclays, Bank of America Merrill Lynch and Scotia Bank.

Goodrich Corp. (GR) is in the market with $500 million in senior unsecured notes issue due Feb. 1, 2021. The company will use the money to fund the pay off its existing notes and contribute to its pension plans. The deal is expected to price later Wednesday.

Teck Resources (TCK.A.T)has a $700 million two-part bond. The 10-year tranche is valued at $500 million and the 30-year tranche is for 200 million. Joint leads are Citigroup, Bank of America Merrill Lynch and JP Morgan Chase & Co.

Tuesday was especially busy because this week--the first after the unofficial end of summer--includes two holidays: Labor Day on Monday and Rosh Hashanah, the Jewish New Year, starting Wednesday at sundown.

On Tuesday, issuers included Dell Inc. (DELL), Home Depot Inc. (HD), the Canadian Imperial Bank of Commerce (CM), insurer AON Corp. (AON), Medco Health Solutions Inc. (MHS) and International CCE Inc., the soft-drinks bottler.

France Telecom's (FTE, FTE.FR) sold a $750 million bond.

Allergan Inc. (AGN) was in the market with a $650 million 10-year note; Hospira Inc. (HSP) with a $500 million 30-year bond; and Burlington Northern Santa Fe (BNI), with a $500 million note.

Home Depot's $1 billion bond priced Tuesday as did Burlington Northern Santa Fe LLC's $750 million two-part bond.

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com

(Prabha Natarajan contributed to this report)

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