Procter & Gamble's $1.35 billion bond sale sent one of the clearest signals yet, that is, investors poured into the corporate bond market before the Federal Reserve cut interest rates. When investors bought P&G's newly issued 10-year bonds, they demanded a yield only 37 basis points higher than the U.S. Treasury Bond for the same period. That would be the lowest risk premium for a 10-year corporate bond issue in the U.S. investment-grade market, according to data compiled by Bloomberg from 2000. Scott Kimball, chief investment officer at Loop Capital Asset Management, said: "It's as if...
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