Taking advantage of a calmer market ahead of a key Federal Reserve meeting, Chevron Corp. is selling $6 billion in corporate bonds on Monday, its largest deal since at least 1995.
Chevron's four-part deal is coming in three-, five-, seven- and 10-year maturities. Underwriters lowered yields on the sale throughout the day, suggesting good demand from investors. The three-year debt was offered to yield 0.40 percentage point more than comparable Treasurys. The 10-year debt was offered to yield 1.00 percentage point more than comparable Treasurys.
Chevron last came to market in November, when it sold $4 billion, according to Dealogic, whose data go back to 1995. Chevron's deal Monday is among the biggest 10 for the year. It is tied with Bank of America Corp., Goldman Sachs Group Inc. and Vodafone Group PLC, which all had $6 billion deals earlier in the year. The biggest deal of the year is Apple Inc.'s $17 billion sale, which is also the largest U.S. corporate bond on record.