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DewDiligence

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Re: DewDiligence post# 101882

Thursday, 05/08/2014 6:49:54 PM

Thursday, May 08, 2014 6:49:54 PM

Post# of 257257
CAT sells 50-year bonds yielding 4.8%:

http://online.wsj.com/news/articles/SB10001424052702304831304579544304288532382

Caterpillar sold $500 million of 50-year bonds and offered them to yield 1.375 percentage points more than comparable U.S. Treasurys. The company also sold 10-year and 30-year debt, to yield 0.80 and 0.95 percentage point over Treasurys. The 10-, 30- and 50-year bonds yielded 3.402%, 4.342% and 4.767%, respectively. The total size of the sale was $2 billion.

The Caterpillar deal received about $8 billion in orders [i.e. it was 4x oversubscribed], said one investor following the sale.

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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