Hapag-Lloyd AG
The German shipping company managed to knock 163 basis points off its borrowing costs between a sale of five-year euro-denominated bonds in January and a sale of seven-year notes in July. Shipping deals are often seen as a bellwether for frothiness in market because leverage in the sector is high and bankruptcies are common.
Pricing date: July 4
Yield: 5.125 percent vs. initial price target of about 5.25 percent
S&P rating: B-
Tesla
Despite a negative cash flow and repeated trips to capital markets to bolster its balance sheet, the electric-carmaker managed to raise $1.8 billion in a debut bond sale last month. The notes sold with a record low yield for the company’s credit rating. One investor cited the “ halo effect” created by Chief Executive Officer Elon Musk as a reason to buy.
Pricing date: Aug. 11
Yield: 5.3 percent vs. initial price target of about 5.25 percent