San Diego Gas & Electric Co., the third-largest investor-owned gas and electric utility in California, sold 30-year bonds at the same interest rate as Johnson & Johnson, matching the lowest coupon on record for debt of that maturity.
The Sempra Energy unit, ranked five levels below drugmaker J&J by Moody’s Investors Service and Standard & Poor’s, sold $500 million of 4.5 percent securities that yield 88 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The debt, graded Aa3 by Moody’s, the fourth level of investment grade, hasn’t yet been rated by S&P.
Your Comments