Oracle Corp. tapped the corporate bond market Tuesday with a deal expected to total about $10 billion, according to research firm CreditSights. That would eclipse the $7 billion offering from Apple Inc. on Monday. Initial price talk on the Oracle notes suggested they will price 10 to 17.5 basis points wider than the Apple notes. Oracle is offering five tranches, including a 30-year tranche. CreditSights reiterated a market perform recommendation on the new deal and said it would recommend participating as long as final pricing is 5 basis points wider than Apple priced. Oracle’s most active bonds, the 2.650% notes that mature in July of 2026, were last trading at 96.75 cents on the dollar to yield 3.079%, or at a spread of 77 basis points over comparable Treasurys, according to MarketAxess.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News