L’Oreal SA is selling $1 billion of investment-grade notes on Tuesday — the makeup company’s first time borrowing in the US corporate bond market.
The cosmetics giant is selling a 10-year deal yielding 0.63 percentage point above Treasuries, according to a person familiar with the matter. Initial pricing called for a spread in the area of 0.9 percentage point above the benchmark, the person said, asking not to be identified discussing private details.
The company has issued euro-denominated debt before, having last come to market in October with a €1.25 billion ($1.40 million) two-part deal.
L’Oreal’s bond sale is one of seven in the US high-grade market on Tuesday, marking a relatively busy issuance day after Monday’s 16-deal deluge.
The softer US inflation figures paved the way for Tuesday’s issuers, providing a constructive backdrop with a key measure of credit risk narrowing. Companies had typically avoided…
