{"id":10991,"date":"2023-05-19T12:52:21","date_gmt":"2023-05-19T16:52:21","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/charles-schwab-raises-2-5-billion-in-bond-offering-amid-surge-in-corporate-bond-deals\/"},"modified":"2023-05-19T12:52:23","modified_gmt":"2023-05-19T16:52:23","slug":"charles-schwab-raises-2-5-billion-in-bond-offering-amid-surge-in-corporate-bond-deals","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10991","title":{"rendered":"Charles Schwab raises $2.5 billion in bond offering amid surge in corporate-bond deals"},"content":{"rendered":"
\n

Charles Schwab Corp.
\n SCHW,
\n -0.64%<\/bg-quote>
\n on Thursday disclosed an investment-grade $2.5 billion bond offering as the corporate-bond market continues to pick up steam.<\/p>\n

The brokerage firm on Wednesday offered $1.2 billion of 5.643% fixed-to-floating-rate senior notes due in 2029, as well as $1.3 billion of 5.853% fixed-to-floating-rate senior notes due in 2034. <\/p>\n

\n

In trading on Thursday, the bond spread tightened by three to five basis points from their new issue level, to about 205 basis points above five-year U.S. Treasurys, according to data provider BondCliq. <\/p>\n

The tightening spread on the bonds is seen as a sign of health in the regional-bank space, sources said. <\/p>\n

\u201cThey priced it right and they\u2019re holding their spreads and they\u2019re even three to five points tighter,\u201d a source said. <\/p>\n

<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

Bank of America Corp.
\n BAC,
\n -0.95%<\/bg-quote>,<\/span>
\n Citigroup Inc.
\n C,
\n -0.96%<\/bg-quote>,<\/span>
\n Credit Suisse Group AG
\n CSGN,
\n +2.69%<\/bg-quote>,<\/span>
\n Goldman Sachs Group Inc.
\n GS,
\n -0.88%<\/bg-quote>,<\/span>
\n JPMorgan Chase & Co.
\n JPM,
\n -0.35%<\/bg-quote>
\n and Wells Fargo & Co.
\n WFC,
\n -0.53%<\/bg-quote>
\n are joint book-running managers on the Schwab debt deal. <\/p>\n

Schwab plans to use the proceeds for general corporate purposes, including to make investments in subsidiaries and to support business growth. <\/p>\n

Schwab\u2019s stock fell 1% on Thursday. <\/p>\n

The offering comes a day after Pfizer Inc.
\n PFE,
\n +0.78%<\/bg-quote>
\n disclosed plans to raise $30 billion in debt, in a sign of liquidity and revived deal making on Wall Street.<\/p>\n

Optimism around a debt-ceiling deal and an announcement from Western Alliance Bancorp.
\n WAL,
\n -2.93%<\/bg-quote>
\n that its deposits have grown by $2 billion in the second quarter continued to fuel gains in bank stocks early Thursday, after big gains in the previous session. <\/p>\n

Investors have been pouring money into corporate bonds as a way to generate more yields than other asset classes, with that pattern expected to continue in the second half of this year, according to market observers. <\/p>\n

As of May 17, this week has been the second-busiest of the year for new investment-grade corporate-bond issuance, with $57 billion, including the Pfizer deal, as issuers try to get deals done ahead of the debt-ceiling deadline and potential higher interest rates. <\/p>\n

Also read: <\/strong>Fitch downgrades PacWest debt to junk status after deposit flight exceeds peers<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Charles Schwab Corp. SCHW, -0.64% on Thursday disclosed an investment-grade $2.5 billion bond offering as the corporate-bond market continues to pick up steam. The brokerage firm on Wednesday offered $1.2 billion of 5.643% fixed-to-floating-rate senior notes due in 2029, as well as $1.3 billion of 5.853% fixed-to-floating-rate senior notes due in 2034. In trading on […]<\/p>\n","protected":false},"author":1,"featured_media":10992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-10991","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCharles Schwab raises $2.5 billion in bond offering amid surge in corporate-bond deals | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Charles Schwab Corp. 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