(Bloomberg) -- Occidental Petroleum Corp. sold $2 billion of high-yield bonds Friday to help push out its steep maturity wall.The company issued unsecured bonds in three parts, including a $500 million five-year bond with a yield of 8%. It also priced a $500 million seven-year note at a yield of 8.5%, and a $1 billion 10-year bond with a yield of 8.875%, according to data complied by Bloomberg.Earlier on Friday, the company had garnered around $3 billion of orders for its inaugural junk bond sale, according to people with knowledge of the matter.Citigroup Inc. led the deal. Representatives for Citigroup and Occidental declined to comment.Occidental is using proceeds from the sale to buy back as much as $1.5 billion of bonds maturing in 2021 and 2022. The company is seeking to tame its balance sheet after it purchased Anadarko Petroleum Corp. last year in a transaction that saddled the company with...
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The S&P 500 dipped in a volatile week of trading as investors digested record numbers of daily U.S. COVID-19 cases, an uptick in geopolitical tensions and a new round of polls suggesting Democrats are gaining momentum ahead of the November election. On Monday, President Donald Trump assured investors that January's phase one U.S. trade deal with China is "fully intact" despite concerns surrounding China's handling of the COVID-19 outbreak. In addition to rising tensions with China, the United States Trade Representative said last week that the USTR is considering a new round of tariffs on .1 billion in European exports from France, Germany, Spain and the U.K.On Wednesday, the U.S. had 45,000 new coronavirus cases, the highest daily total of the year. Stocks traded lower Thursday due to concerns a resurgence in COVID-19 infections could negatively impact the economy and even trigger more shutdowns.A new poll from The New York Times...
