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Corporate Bond Deals Up Last Week

United Technologies $9.8 bln offering leads sales; junk bond issuance drops.

By Sarika Gangar, Bloomberg | Updated on May 25, 2012

United Technologies Corp.’s $9.8 billion offering, the largest in more than three years, sent U.S. corporate bond sales higher last week even as speculative-grade issuance plummeted to the lowest levels of 2012.

Overall issuance soared 38 percent from the previous week to $19.4 billion while junk bond sales declined 60 percent to $1.9 billion, according to data compiled by Bloomberg. Hartford, Connecticut-based United Technologies, which last tapped the market more than two years ago, sold debt in six portions ranging from 18-month floating-rate notes to 30-year bonds.

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