Philip Morris Leads $13 Billion in Corporate Bond Sales

Philip Morris International Inc., Statoil ASA and Georgia-Pacific LLC are among companies selling about $13 billion of U.S. corporate bonds in the busiest start to a week since Sept. 22.

Philip Morris, the world’s largest publicly traded tobacco company, sold $2 billion of dollar-denominated securities, according to data compiled by Bloomberg. Paper producer Georgia-Pacific issued $2.1 billion of debt in three-parts, while Norway’s biggest energy company, Statoil, raised $3 billion of securities, Bloomberg data show.

November is starting off with a flood of new offerings, recovering from the weakest October in two years when about $120 billion of debt was raised, according to data compiled by Bloomberg. Gains of 0.98 percent last month helped mitigate September’s 1.4 percent loss, the worst in more than a year, according to the Bank of America Merrill Lynch U.S. Corporate and High Yield Index.

Philip Morris and Georgia-Pacific sold their first dollar-denominated bonds in 2014, Bloomberg data show. A subsidiary of Koch Industries, Atlanta-based Georgia-Pacific, raised its first offering since June 2013, while New York-based Philip Morris’s sale is its first since a $2 billion deal last November, Bloomberg data show.

Statoil sold bonds in a five-part debt offering, Bloomberg data show.

Today’s bond sales are the most for a Monday since Roche Holding AG led more than $14 billion of offerings on Sept. 22.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE