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Edition: U.S. Article Comments (0) Email Print Reprints Read Strong quake hits off Mexico's Baja California 21 Oct 2010 Special report: Conservative donors let Christine O'Donnell sink 21 Oct 2010 Netflix website down 21 Oct 2010 Massive healthcare fraud scheme uncovered in Miami 21 Oct 2010 Low-dose aspirin lowers colon cancer risk: UK study 21 Oct 2010 Discussed 62 WRAPUP 1-Two Fed officials favor aggressive easing options 60 Jobs blasts rivals as iPad sales disappoint 51 Merkel says German multiculturalism has failed Watched Ancient tomb discovered in Egypt Wed, Oct 20 2010 Mexico's 20-yr old police chief Thu, Oct 21 2010 Russian spy poses for Maxim Tue, Oct 19 2010 Report Title Price ValuEngine Industry Report for BEVERAGES Provider: ValuEngine, Inc. $49.0 Buy Trading Report for (PEP). A detailed report, including free correlated market analysis, and updates. Provider: Stock Traders Daily $18.0 Buy PEP: Risk/Reward Rating: Full Report: Cash Truth Behind the Reported Earnings Provider: New Constructs, LLC $10.0 Buy PEPSICO INC (PEP=US) - REPORT FOR ACTIVE TRADERS Provider: Pechala's Reports $25.0 Buy Food Industry Market Research and Competitive Analysis 2010 Provider: Plunkett Research, Ltd. $299.0 Buy NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. PopTech Live coverage: PopTech 2010 The PopTech 2010 conference features a vast network of visionary thinkers coming together for a three-day conversation about the "nature of creative change." Join our live coverage from the conference in Camden, Maine from October 21-23. Live Coverage Welcome to PopTech The future of microfinance? Does our economy make us happy? eBay sells $1.5 billion of debt in debut deal Tweet This Share on LinkedIn Share on Facebook Related News Shares edge up, whipsawed by dollar, earnings Thu, Oct 21 2010 eBay sells $1.5 bln of debt in debut deal Thu, Oct 21 2010 EBay beats and raises, sees improved holiday Thu, Oct 21 2010 Analysis: Two years on, credit rallies, and it's no bubble Thu, Oct 14 2010 TREASURIES-Bonds rise as hedges unwind, Fed reinvests more Wed, Oct 13 2010 Analysis & Opinion Regulators face battle to create market for CoCos Thailand heads in wrong direction with bond tax -IFR Related Topics Technology » Media » Stocks By Andrea Johnson NEW YORK | Thu Oct 21, 2010 5:43pm EDT NEW YORK (Reuters) - EBay Inc on Thursday joined an elite group of borrowers to issue debt at record low rates, suggesting demand for corporate debt remained high. The Internet commerce company, which on Wednesday posted better-then-expected quarterly profit and forecast stronger holiday earnings, issued its first-ever bonds, selling $1.5 billion of debt in a three-part sale. The sale included $400 million of three-year notes that priced at a coupon of 0.875 percent, according to IFR, a Thomson Reuters service. Wal-Mart Stores Inc earlier this week sold three-year notes with a record low coupon of 0.75 percent. EBay's issue tied for second-lowest coupon with recent issues by Microsoft Corp and PepsiCo Inc, which also carried coupons of 0.875 percent. Debt issuers are selling bonds as demand for corporate and other debt continues, helped by massive flows into bond funds. "There's huge demand for spread product, everyone's looking for yield, " said Mirko Mikelic, senior portfolio manager at Fifth Third Asset Management in Grand Rapids, Michigan. "If you even have an inclination of wanting to put debt on your balance sheet, or refinance, now's definitely the time to do it. It's at historic lows." Few technology companies need to borrow money in the fixed income market as many generate a lot of cash, he said. Microsoft, for example, has a cash pile of about $37 billion, although much of that is overseas and may be subject to tax if repatriated. "The Fed is on hold in terms of rates at least till the second half of next year, so its going to be a great time to issue if you need to come to market," said Mikelic. "Even if the need may not be immediately there. It's amazing." EBay Chief Financial Officer Bob Swan made reference to capitalizing on historically low U.S. interest rates in the company's earnings call. "While we had a strong balance sheet, we only had $915 million in the U.S. at the end of the third quarter. As such, we've announced a series of steps that we believe will enable us to leverage our strong offshore cash position more effectively and maintain the flexibility to capitalize on M&A opportunities in both the U.S. and abroad, while redistributing excess cash to shareholders," he said. As part of that plan, eBay's board approved the creation of a commercial paper program of up to $1 billion to fund a portion of "Bill Me Later" receivables. The board also approved the issuance of up to $1.5 billion in term debt financing. The second tranche of Thursday's deal, $600 million of 5-year notes, priced at a coupon of 1.625 percent. That places it in the top two of the Thomson Reuters Data/IFR Historical Low Coupon Tables. Wal-Mart's recent 5-year sale achieved a record coupon of 1.50 percent. EBay's sale is tied with a 5-year sale by Microsoft. EBay also sold $500 million of 10-year notes at a coupon of 3.25 percent. Johnson & Johnson tops the 10-year table with a 2.95 percent coupon, followed by Microsoft at 3.00 percent, Raytheon at 3.125 percent, PepsiCo at 3.125 percent and Raytheon at 1.625 percent. (Additional reporting by Christopher Reich, Karen Brettell and Ciara Linnane; Editing by Padraic Cassidy) Technology Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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