Schneider Electric Sells Euro Notes in First Issue Since OctoberBy
French company offered 800 million euros of eight-year debt
Celanese hires banks for bond sale, will meet investors
Schneider Electric SE sold bonds for the first time in 11 months, the latest company to take advantage of borrowing costs near record lows.
The French power-equipment maker issued 800 million euros ($894 million) of eight-year debt, according to data compiled by Bloomberg News. U.S. chemical producer Celanese Corp. hired banks for a euro-denominated bond sale and will meet investors from Sept. 12, according to a person familiar with the matter who isn’t authorized to speak publicly and asked not to be identified.
Schneider joins companies including Coca-Cola Co. and Volvo AB in capitalizing on borrowing costs sent to record lows by European Central Bank stimulus. The sale continues a flurry of euro deals that sent August issuance to the most ever for the traditionally slow holiday month.
Officials at Rueil-Malmaison-based Schneider declined to comment on the sale. Chemical producer-Celanese, based in Irving, Texas, didn’t immediately respond to requests for a comment outside of business hours.
The average yield on investment-grade euro debt was 0.64 percent on Thursday, near a record-low of 0.62 percent reached this week, according to Bloomberg Barclays index data.
Junk-rated companies have also benefited from the ECB measures, which have sent yield-starved investors seeking riskier debt. Italian oil driller Saipem SpA sold 1 billion euros of bonds in its first-ever note sale Thursday.