The pharmacy giant plans to issue $40 billion of the investment-grade debt
in a nine-part offering, people with knowledge of the matter said.
While equity valuations can reside far from their means for extended periods, bond valuations expressed in current yields are more predictive of near-term returns for investment-grade debt
, a key component of the typical core portfolio.
He represents a range of corporate and financial institution clients on a wide variety of public and private securities offerings by issuers in various industries, including initial public offerings, high-yield and investment-grade debt
financings and equity-linked offerings.
Probert is currently the head of the bank's Americas investment-grade debt
The government is seen taking advantage of low borrowing costs due to falling US Treasury rates and healthy investor appetite for Gulf investment-grade debt
7 percent this month including reinvested interest, outperforming investment-grade debt
which returned 1 percent.
Moreover, high-yield debt has outperformed investment-grade debt
, and tighter monetary policy does not seem an immediate prospect, which should help the asset class.
The central bank will now accept equities in the Primary Dealer Credit Facility, its program for lending money directly to brokerages, in addition to investment-grade debt
Wachovia's Real Estate Corporate Finance team, led by Lawrence Gray, continued as a market leader in several investment banking categories in 2003, including lead-managed REIT common and preferred equity offerings, and REIT investment-grade debt
Rather than a single buyer, Kohn said, the purchase was split; the senior, investment-grade debt
was assumed by Greenwich (Conn.
The investment ratings services have four categories of investment-grade debt
ratings, ranging from exceptional to adequate.
Serving primarily middle-tier institutional investors with $1 billion to $5 billion under management, Blaylock on its own can underwrite up to a $1 billion offering in investment-grade debt