Bill Ackman’s Pershing Square Holdings Ltd. is issuing a seven-year U.S. dollar-denominated bond, the only investment-grade deal in Thursday’s primary market. The offering is being marketed at a spread of roughly two percentage points over the U.S. government benchmark, with proceeds earmarked for general corporate purposes.
- The notes are expected to receive ratings of A- from S&P Global Ratings and BBB from Fitch Ratings.
- The bonds will be issued without registration rights, according to people familiar with the transaction.
- Citigroup Inc. ($C) is serving as lead bookrunner, alongside Bank of America Corp. ($BAC), Jefferies Financial Group ($JEF), and UBS Group AG ($UBS).
- The deal could be the last major corporate bond issuance of the week ahead of Friday’s delayed consumer price index report.
- High-grade corporate yields rose slightly on Wednesday, with the average yield to worst increasing by one basis point to 4.69%.
Relevant Companies
- Pershing Square Holdings ($PSH) — Issuing the seven-year dollar bond for corporate purposes.
- Citigroup ($C) — Lead bookrunner for the bond issuance.
- Bank of America ($BAC) — Co-bookrunner supporting distribution and underwriting.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
