Corporate-Bond Market Reopens as ADP, Home Depot Issue Debt
- Revival in company debt issuance follows 13-day drought
- Canadian Pacific, Goldman Sachs and Deere also sell debt
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Automatic Data Processing Inc. and Home Depot Inc. were among companies that led a reopening of the U.S. corporate-bond market Tuesday after a 13-day drought in issuance.
ADP, a payroll processor, sold $2 billion of debt in a two-part inaugural offering to finance a previously announced share-buyback program, according to data compiled by Bloomberg. Home Depot, the home-improvement retailer, issued $1.5 billion of notes in two-parts to pay for its acquisition of Interline Brands Inc. and to repurchase stock.