Shell Said to Lead $5.4 Billion in U.S. Bond Sales

Comcast, McKesson, Newell Rubbermaid also plan offerings.

Royal Dutch Shell Plc, Europe’s largest oil producer, plans to issue benchmark debt as it leads corporate bond sales of at least $5.4 billion today in the U.S.

Shell may sell three- and 10-year bonds as soon as today, according to a person familiar with the transaction. The offering will be of benchmark size, typically at least $500 million, and the bonds may be rated Aa1 by Moody’s Investors Service.

The company last offered debt in August, issuing $2.5 billion in three parts, including $1 billion of 2.375 percent, 10-year debentures to yield 70 basis points more than similar- maturity Treasuries, according to data compiled by Bloomberg. The bonds traded at 101.1 cents on the dollar to yield 2.25 percent yesterday, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Barclays Plc and Goldman Sachs Group Inc. are managing the offering for the Hague-based company, said the person, who asked not to be identified because terms aren’t set.

Comcast Corp., the largest U.S. cable company and the majority owner of NBC, is offering $250 million of 49-year securities that may be rated Baa1 by Moody’s, according to a person familiar with the transaction who asked not to be identified because terms are private.

McKesson Corp., the largest U.S. drug distributor, is planning to issue $900 million of debt in its first bond sale this year, according to a person familiar with the offering. The company may sell three- and 10-year debentures as soon as today.

Newell Rubbermaid Inc., the Atlanta-based housewares maker, is offering $300 million of five-year notes that may be rated Baa3, the lowest level of investment grade, by Moody’s, according to a person familiar with the deal.

Royal Bank of Canada, the nation’s largest lender, is planning to sell benchmark, three-year covered notes, according to a person familiar with the transaction.

Carnival Corp., the world’s largest cruise-line operator, plans to refinance debt maturing next year with a $500 million sale of five-year bonds in its first offering in six years, according to a person familiar with the transaction who asked not to be identified because the terms are private.

 

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