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US high-grade bond market logs fourth busiest day of the year

Reuters - UK Focus

By John Balassi and Anthony Rodriguez

NEW YORK, Sept 13 (IFR) - The US investment-grade bond market has logged its fourth busiest day of the year with 12 borrowers set to raise just over US$23bn, even as stocks sold off sharply and credit derivative indices widened, according to IFR data.

The rush of deals has taken investment-grade bond volumes for the year to over US$1trn, IFR data shows.

Cisco Systems (HKSE: 4333.HK - news) launched the biggest issue of the day, a US$6.25bn five-part deal, while Yankee borrowers including Deutsche Telekom International Finance and BP Capital Markets raised US$2.75bn and US$2bn respectively.

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Mexico's Pemex also returned to the dollar market for the first time in close to nine months with a US$4bn two-part bond as it sought to raise new money and retire debt across its curve.

(Reporting by John Balassi and Anthony Rodriguez; Writing by Natalie Harrison)