Disney(US:DIS) Zhi Tong Cai Jing·2026-02-10 15:44Core Viewpoint - Disney has returned to the investment-grade bond market for the first time since 2020, launching a high-rated dollar bond issuance amid a trend of companies locking in financing costs as borrowing spreads narrow [1] Group 1: Bond Issuance Details - The bond issuance may be divided into four maturities ranging from 3 to 10 years [1] - The initial pricing guidance for the longest maturity bonds is approximately 0.85 percentage points above the corresponding U.S. Treasury bonds [1] - The funds raised will be used for general corporate purposes [1] Group 2: Market Context - This transaction is one of eight issuances in the U.S. investment-grade bond market on the same day [1] - On the previous day, Alphabet raised $20 billion through a bond issuance, with demand exceeding $100 billion, indicating strong investor interest in high-rated corporate bonds [1] - Market participants believe that Disney's decision to return to the bond market reflects the active state of the U.S. investment-grade bond market and the favorable conditions for raising funds [1] Group 3: Underwriters and Ratings - The book-running banks for Disney's bond issuance include BNP Paribas, Citigroup, Deutsche Bank, JPMorgan, Sumitomo Mitsui Banking Corporation, and US Bancorp [1] - The expected ratings for the newly issued bonds are Moody's A2 and S&P Global A [1]