ML-Implode News - Dell bonds draw $85bn in investor orders (SCRAMBLE FOR YIELD)

Yield-starved investors piled into a bond sale from Dell on Tuesday as the US computer group raced to complete the fourth-largest bond sale on record... Underwriters counted roughly $85bn of investor orders for the transaction, rivalling the $110bn stumped up for the Anheuser-Busch InBev mega sale earlier this year. The strong demand, which included at least $20bn of orders from investors in Asia and Europe, underscored the enthusiasm with which fund managers are willing to bid on corporate bonds as yields on other asset classes tumble.
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The sale included notes maturing in three, five, seven, 10, 20 and 30 years and precedes a sale of about $4bn of junk-rated notes as soon as next week. The Texas-based PC maker ultimately dropped two proposed floating rate tenors and tightened pricing on its fixed-rate notes by as much as 75 basis points as order books were finalised.
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The computer maker was nonetheless forced to pay up to issue its longest dated bonds, with the yield on the 30-year paper priced at 8.36 per cent, more than the 8 per cent yield secured by Argentina when it sold similar dated paper in April.

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Dell bonds draw $85bn in investor orders (SCRAMBLE FOR YIELD)