Exxon Sees Borrowing Rates Soar

摘要

Exxon Mobil tapped bond markets for billions as the spendthrift supermajor looked to increase its cash position amid market uncertainty, but investors demanded significantly higher interest rates than they did less than a year ago. Texas-based Exxon sold $8.5 billion in bonds in five tranches in its latest offering. The supermajor last tapped the bond market in August 2019, when it sold $7 billion in notes in six tranches at much lower interest rates in an offering that sources indicated was oversubscribed (EIF Aug.21’19).