NEW YORK: Rio Tinto has raised $3 billion from a four-part deal, reviving some of the issuance momentum in the US high-grade primary market that has been missing in recent weeks.The mining giant s transaction, along with two others that made for an unusually busy Friday,tory burch shoes, came as a welcome boost to stock markets that were poised for its lowest volume week of the year so far.Rio Tinto, BB T and Eaton Vance moved to take advantage of an issuance window that opened following an overnight fall in US Treasury yields and a stronger open for credit spreads.The benchmark 10-year Treasury yield last stood at 2.13%, about 9 basis points below the level when two issuers braved tricky conditions to bring small deals.The four-part senior unsecured deal brought by Rio Tinto Finance (USA) comprised shorter duration bonds and floating-rate notes and offered chunky new issue concessions,louis vuitton handbags, according to bankers. This is the perfect structure for an issue in these uncertain markets,celine bag, said one banker away from the deal.The notes, guaranteed by Rio Tinto plc and Rio Tinto Limited,ghd, garnered a book size of $7.25 billion.The company had initially announced a five-part deal but decided to drop the longest-dated 5.5-year floating-rate tranche after it drew the least demand.Price guidance on the deal was Libor plus 55-60bp on the two-year floating-rate notes, Treasuries plus 105bp area on the three-year fixed-rate notes,hotelwestpoint.com/en/toryburchoutlet.html, Libor plus 90bp area on the three-year floating-rate notes,gucci outlet, and Treasuries plus 145bp area on the 5.5-year fixed-rate notes.These levels were about 5bp-10bp tighter across the curve compared with initial price thoughts.At the launch stage,pradaoutletbcc.com, the 5.5-year floating-rate tranche was dropped and the other tranches were quoted at the lower end of the guidance range, or about 5bp tighter -which is where they finally priced.Morgan Stanley,oakley sunglasses outlet, BNP and JP Morgan were joint books.Until the Rio announcement, volume for the week was just $3.715 billion from a paltry 10 deals. Final volume now stands at $8.04bn from 14 deals, below the $15 billion-$20 billion volume estimates for this week.It was the second-lowest weekly volume of the year after Easter week,true religion brand jeans, when $6.95 billion priced. Volume for the month now comes to $20.71 billion.If market tone holds up over the weekend,scarpe hogan, the first two days of next week may be busy as issuers jump in ahead of the Fed s two-day meeting beginning on Tuesday.But with the mood in the primary market hostage to Treasury rate movements, there is still no certainty on deal flow next week. Bankers are at this point like weathermen,Burberry Outlet, making predictions which they are not completely sure about,chanel sunglasses, said one banker.The impact of volatile rates on primary markets has been startling in recent weeks. There were zero investment-grade deals in four of the last eight sessions, marking an abrupt change in what has been a red-hot year for corporate bonds.Reuters
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