Issuer: Phillips Petroleum Co
Amount: $2.5 billionType of issue: Global bond Date of issue: May17Bookrunners: JP Morgan, Merrill Lynch
At a time when corporate bond issuers are struggling to win support from fixed-income investors, BBB-rated Phillips Petroleum showed that the global bond markets are still open to finance big acquisitions for companies in the right sectors, as long as they have credible management teams and quality assets.
Phillips achieved hefty over-subscriptions on its
$1.15 billion five-year and $1.35 billion 10-year global bonds.
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