Corporate credit markets were busy last week with more than $23 billion of new debt issued. Eleven companies swiped their credit cards for a billion dollars or more. Who's doing all that borrowing and what are they doing with the money? Here are some of the stories.
Next in line for big bucks was Hewlett-Packard
Other companies with a billion or more of new borrowing included Wells Fargo
An interesting common thread is paying down commercial paper. Hewlett-Packard, Noble, and Viacom are all using new debt to pay off lower rate commercial paper. That looks a lot like CFOs protecting their companies against the risk of rising short-term rates.
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Fool contributor Russ Krull owns shares of Wells Fargo, but no other company mentioned. The Motley Fool owns shares of Wells Fargo, Ford Motor, and Ecolab. The Fool owns shares of and has created a covered strangle position on Wells Fargo. Motley Fool newsletter services have recommended buying shares of Ford Motor and Gilead Sciences. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.