U.S. corporate bond update: the calendar is heavy to start September
U.S. corporate bond update: the calendar is heavy to start September. While this could put a loose floor under Treasury yields near term, tariff concerns, declines in stocks, and weakness in manufacturing data are overshadowing for now, giving a bid to bonds. Disney announced a 6-part deal including a 2-year FRN, a 3-year fixed/FRN, along with 5-, 10-, and 30-year maturities. BAT Capital Corp has a 4-parter with 5-, 7-, 10-, and 30-year paper. CSX Corp just outlined a 10- and 30-year, while Phillips 66 Partners just came out with a 5- and 10-year sale. Unilever Capital Corp has a 5- and 10-year. Caterpillar Financial announced a 1.5-year FRN and a 3-year note. ESM has a $2 B 5-year. Blackstone Holdings Finance plans to sell 10- and 30-year paper. Capital One has a 3-year. The Asian Development Bank is selling a 2-year SOFR linked FRN, while EIB has a $500 M 3-year FRN, also SOFR linked.