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Oracle tapping corporate bond market with deal that could total $10 billion

Oracle Corp. ORCL, +0.18% tapped the corporate bond market Tuesday with a deal expected to total about $10 billion, according to research firm CreditSights. That would eclipse the $7 billion offering from Apple Inc. AAPL, +0.32% on Monday. Initial price talk on the Oracle notes suggested they will price 10 to 17.5 basis points wider than the Apple notes. Oracle is offering five tranches, including a 30-year tranche. CreditSights reiterated a market perform recommendation on the new deal and said it would recommend participating as long as final pricing is 5 basis points wider than Apple priced. Oracle's most active bonds, the 2.650% notes that mature in July of 2026, were last trading at 96.75 cents on the dollar to yield 3.079%, or at a spread of 77 basis points over comparable Treasurys, according to MarketAxess.


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