Exxon was among nine major companies that took advantage of a window opening in the U.S. credit markets on Tuesday to issue bonds, after the Federal Reserve announced new measures to boost liquidity in the financial system, including the purchase of short-term corporate debt. Exxon, which is rated Aaa/AA by credit rating agencies, issued its debt at a 60 basis point premium to PepsiCo Inc , which has a lower investment-grade rating of A1/A+. “Exxon had to pay a huge premium to where the bonds should have been, because they are in an industry that is viewed very …read more
Source:: Yahoo Finance
