AmEx, Merck Lead $16.5 Billion of Company Bond Issuance in U.S.
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American Express Co., the biggest credit-card issuer by purchases, and drugmaker Merck & Co. led borrowers selling or planning to issue at least $16.5 billion of bonds in the U.S. today.
Merck, which yesterday had its unsecured debt rating cut one level by Moody’s Investors Service, sold $6.5 billion of bonds in six parts to fund share repurchases, according to data compiled by Bloomberg.