CVS Shares Drop 1 01% as 360M in Volume Ranks 275th Amid 17 6B Bond Issuance Surge

CVS Health Corp. (CVS) fell 1.01% on Aug. 11, with a trading volume of $360 million, ranking 275th among U.S. stocks. The decline came amid broader market caution before key inflation data. The company joined 13 other firms in a $17.65 billion investment-grade bond issuance, the largest in three months, as companies rushed to lock in favorable rates before anticipated volatility from Tuesday’s consumer-price report.

The bond sale included a $5.5 billion offering by Chevron and a $3 billion hybrid bond transaction by CVS. The latter’s four-part deal featured a 40-year security yielding 1.42 percentage points above Treasuries, down from initial discussions of 1.7 percentage points. Proceeds will partially repay existing debt, according to a source. This follows prior sales of $3 billion in December 2024 and $5 billion in May 2024.

Market participants noted that high-grade bond issuance remained robust, with $40.4 billion raised last week—the highest volume since May. Investment-grade corporate yields hit a 2025 low, while pricing spreads approached 25-year tightness. Analysts at U.S. Bank projected $40 billion to $45 billion in sales for the week, with activity expected to slow in late August after the Federal Reserve’s policy meeting in September.

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