Wells Fargo, PepsiCo leads US$29.3 billion bond sales

By IVCPOST Staff Reporter

Jul 27, 2013 04:09 AM EDT

U.S. home lending company Wells Fargo & Co. raised US$5 billion of bond sales as New York-based PepsiCo Inc. issued $1.77 billion. The two companies came first and second amongst offerings in line with a 2013 weekly average bond sales of $29.3 billion, according to Bloomberg.

Wells Fargo & Company, the fourth largest bank in the U.S., is an American multinational financial and banking services holding company which has operations located around the globe.

PepsiCo Inc., the second largest soft-drink maker, is an American multinational company based on Purchase, New York which produces, markets and distributes grain-based snack food, beverages and other products.

U.S. company bond sales dropped 5.8% this week to US$29.5 billion, compared with the US$31.3 billion in the previous period ended July 19, 2013.

The resulting widening of relative yields from 218 to 219 points was caused by investors demanding purchase corporate bonds rather than government debentures, according to Merrill Lynch data index of the Bank of America. Yields climbed from 3.96% to 4.03%, compared with a record-low of 3.35% on May 2.

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