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