Aframax giant Teekay (TK) is on the road to issuing $200m 10- year senior notes in the bond market, the first issuance since the 1998 dip in bonds. Jim Winchester, TK analyst at Lazard told LSE that the company is just one notch below investment grade."TK may be viewed as a 'cross-over' bond, where investment grade buyers stretch down to buy, and provide a slightly better rate as the issuer is viewed as becoming investment grade in the near future. This type of bond issue is pretty plain vanilla, and more an alternative to bank financing," he said.
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