IBM Sets Record Low Coupon For 7-year Note
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IBM on Tuesday set a record for the lowest ever coupon on a 7-year note, priced at 99.85 with a coupon of 1.875% to yield 1.898%, or 65bp above comparable Treasuries. The 3-year priced at 99.834 with a coupon of 0.75%, or 45bp over Treasuries, tied with Walmart, Pepsico and CocaCola at that maturity
