After 2009’s blockbuster year for corporate issuance, 2010 was relatively subdued. The common reason for this put out by debt capital markets participants was that although issuance conditions were generally conducive for investment-grade companies, they simply didn’t need the funds. They were in fact hoarding cash. US companies have been doing so at the fastest rate for more than 50 years and European and Japanese companies have been following suit.
$3.5 billion senior unsecured dual tranche
BNP Paribas, Citi, RBS, Barclays, Mizuho
3.125% and 4.5%
The standout investment-grade transaction this year involved a company that had the odds stacked against it. For BP, 2010 won’t go down as one of the best years in its history. In April, the Deepwater Horizon incident in the Gulf of Mexico created the largest marine oil spill in the history of the petroleum industry, spewing out an estimated 4.9
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