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A planned 10-year debt issue and market uncertainty regarding future interest-rate moves led Morristown, N.J.-based Honeywell to undertake a detailed study of interest-rate cycles over the past 60 years. This research revealed that the forward curve for the London interbank offered rate (Libor) tends to over-predict future rate cycles. The challenge was to benefit from these findings by increasing the $37 billion company’s floating-rate debt exposure to reduce its overall interest expense.

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