U.S. corporate bond deal-making in the investment-grade market picked up on Thursday following a quiet period earlier in the week, spurred by a quarter basis point rate cut from the Federal Reserve at its September meeting.
At least nine corporate issuers tapped the investment-grade corporate bond market for almost $15 billion in paper on Thursday, according to market participants.
Wireless carrier AT&T led the pack with a four-part note offering worth $5 billion, the proceeds of which it plans to use for general corporate purposes including to address soon-maturing debt and for pending acquisitions. BNP Paribas , Bank of America, Citi, JPMorgan and Mizuho were arrangers on the deal. Other major borrowers to tap the U.S. bond market on Thursday included Swiss bank UBS Group and French bank Credit Agricole. Thursday’s new debt deal-making followed a much-anticipated 25 basis point rate cut by the Fed at its September meeting on…
