Disney Leads Return of Corporate Bond Market

Walt Disney Co. sold $1 billion of bonds Monday in the first U.S. corporate bond sale since last week’s terrorist attacks.

“I wouldn’t have been in the market today but for the events of last week,” said Thomas Staggs, Disney’s chief financial officer. “We felt it was important to do this transaction to do our part to show the resiliency of the markets.”

Brokerage Goldman Sachs bought the entire issue, according to Disney. Brokerages often buy bond deals with the intent of selling them to other investors later.

Goldman Sachs declined comment, said spokeswoman Andrea Rachman.

Disney planned to raise money this quarter to fund its purchase of the Fox Family Channel cable network. Instead of postponing the transaction, Disney rushed to market and was rewarded with attractive rates of 3.9% on its two-year notes and 4.5% on its three-year notes, analysts said.