Bill Ackman’s Pershing Square Holdings Ltd. is issuing a seven-year U.S. dollar-denominated bond, the only investment-grade deal in the primary market. The offering is marketed with a spread of around two percentage points over the U.S. government benchmark, with proceeds for general corporate purposes. The notes are expected to receive A- ratings from S&P Global Ratings and BBB ratings from Fitch Ratings. The bonds will be issued without registration rights. Citigroup Inc. ($C) is the lead bookrunner, with Bank of America Corp. ($BAC), Jefferies Financial Group ($JEF), and UBS Group AG ($UBS) also involved. High-grade corporate yields rose slightly, with the average yield to worst at 4.69%.

Read more at Quiver Quantitative: Pershing Square Launches $7 Billion Bond Offering, Led by Citigroup