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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Xerox strategy finds favor with bond market: Corporate finance |
Bloomberg News - May 20, 2011 - by Tim Catts and Katie Hoffmann
Xerox Corp. Chief Executive Officer Ursula Burns' effort to expand into computer services is winning over fixed-income investors, who are snapping up the company's debt at yields below the average for its credit rating.
Norwalk-based Xerox, which marketed the first photocopier in 1960, sold $700 million of 10-year notes on May 13 yielding 4.6 percent, less than the 5.35 percent average for debt with similar ratings and maturities, according to Bank of America- Merrill Lynch index data. The company said it will use proceeds to redeem preferred stock that pays an 8 percent yield.
The maker of printers purchased the technology-outsourcing firm Affiliated Computer Services Inc. for about $6 billion last year in its largest acquisition. Xerox has since cut debt and increased profit, prompting Moody's Investors Service to lift its outlook to "positive" even as the company uses cash to buy back as much as $840 million of stock starting in the second half of 2011.
"Xerox has had an excellent recovery over the last 24 months," said James Lee, a fixed-income analyst at Calvert Asset Management Co., which oversees $14.8 billion including Xerox bonds in Bethesda, Maryland. "If you share the view that the economy will continue to grow at an OK-but-not-great pace, they should be able to easily maintain their investment-grade ratings."
Rated two steps below the U.S. government's top AAA grade in 1982, Xerox fell to junk status in 2000 when Moody's slashed its senior unsecured debt rating to Ba1 as sales and profits declined. Moody's lifted it to Baa3, the lowest investment-grade level, in November 2006. Xerox is now rated Baa2 by Moody's and BBB- by Standard & Poor's.
Read more: http://www.stamfordadvocate.com/default/article/Xerox-strategy-finds-favor-with-bond-market-1389338.php#ixzz1NBeqY4uA
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