U.S. corporate bond update: there's a plethora of corporate issuance
U.S. corporate bond update: there's a plethora of corporate issuance on the docket today with about $30 B in issuance expected for the week. The deals span the curve. Sinopec has launched a $2 B 3-part deal including $700 M in 5-year notes, $1 B in 10-year notes and $300 M in 30-year bonds. Shell has a benchmarfk 3-part offering as well with 5-, 10-, and 30-year paper. Brazil has a $500 M 10-year and a benchmark 30-year. Excel Energy announced a $1 B 10- and 30-year sale. Credit Suisse has a benchmark 2-year. Nordstrom has a benchmark 10-year. Caterpillar has a $500 M 5-year. Also, Baker Hughes is selling $525 M in 10s, and National Oilwell has a $500 M 10-year. There is a $500 M 3-year from Posco. Province of Alberta just announced a benchmark 5-year. All of this is on top of about $300 M in bills and coupons. Corporate supply is adding to the erosion in Treasuries.