Word: coupon
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Dates: during 1930-1939
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...next few months, the rest an offering for cash, largely to pay the Bonus. Reflecting the new popularity of long-term Governments, the cash offer was divided into $400,000,000 of ⅜five-year notes, $600,000,000 in 15-to-18-year bonds with a 2¾|% coupon-both record low rates for those maturities. The Treasury's apparent edge on Standard's interest rate was accounted for by the fact that Government bonds are tax free. With income taxes what they are, the net yield on Standard's bonds to a big corporate investor...
Last week Standard Oil Co. of New Jersey filed a registration statement for an $85,000,000 issue of 25-year debentures with a 3% coupon-a record low for a long-term industrial bond. Biggest oil company in the U. S. with assets of $1,894,000,000, Standard Oil thus demonstrated that its credit is nearly as good as that of the U. S. Government. One sound reason for that credit rating was revealed at the time the registration was filed: Last year Standard Oil earned $62,800,000, a fat increase over the $45,600,000 reported...
...sold by two of U. S. Steel's railroad subsidiaries for the purchase of freight cars, the bulk of corporate financing is still refunding-swapping new money for old.* Interest rates are so low that almost no solvent corporation can resist the temptation to call in old high-coupon bonds, pay them off with cheap funds...
Last week New York Edison was able to market at par a $55,000,000 bond issue with a 3¼% coupon-an all-time record for long-term utility financing. More remarkable, Loew's Inc., financially strongest of U. S. cinema companies, but a cinema company after all, sold a $15,000,000 debenture issue maturing in ten years with a 3½% coupon. Part of the proceeds will be used to retire 6% debentures...
Biggest chunk of spring financing will be the Government's. Last week Secretary of the Treasury Morgenthau announced the largest single offering of Government securities for cash in U. S. peacetime history-a $650,000,000 issue of long-term bonds with a 2¾% coupon and $600,000,000 in five-year 1½% notes. Demand for these was so brisk that Secretary Morgenthau was able to close his books after the first day. An additional $559,000,000 in bonds or notes were offered in exchange for an issue maturing in April, bringing the total operation...