Ball Corp, which is an aluminum packaging company that’s rated junk, just sold 10-year notes at 2.875%. That’s the lowest ever for a new launch longer than 5 years, according to Bloomberg.
The company had originally aimed to sell $1 billion in notes but up-sized it to $300m on strong demand. It’s rated Ba1 from Moody’s and BB+ from S&P.
Who is buying this stuff?