(Bloomberg) -- CVS Health Corp. is selling $5 billion worth of bonds less than a week after shares plunged the most since 2009 on a downbeat quarterly report...
-- CVS Health Corp. is selling $5 billion worth of bonds less than a week after shares plunged the most since 2009 on a downbeat quarterly report and cut 2024 outlook, joining a bevy of firms hitting the debt market following earnings season.The drug-store heavyweight and health insurer is offering notes in five parts, according to a person with knowledge of the matter. The longest portion of the deal, a 30-year security, will yield 1.
This week has seen a flood of companies hit the US debt markets, including the investment-grade segment that CVS is issuing notes. Spreads there are at their tightest relative to government debt in 2 1/2 years and more high-grade issuers have entered the primary dollar bond market the past two days than at any other point in 2024.
-- Buying options to protect against a stock market plunge is the cheapest in nine years.
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