Boeing bonds

Boeing sold $9.825 billion of bonds yesterday, as it looked to refinance its over-levered balance sheet. Boeing is borrowing to repay a portion of the $13.8 billion loan it drew down at the onset of the coronavirus outbreak. The Boeing debt balance was at $63.6 billion at the close of 2020 – A truly unimaginable sum in corporate finance just a few years ago.  Boeing issued the bonds in three parts. The longest tranche of the offering, a five-year security that is noncallable for two years, will yield 175 basis points over Treasuries, from the estimated (and hoped for) 195