Bond investors consider D.R. Horton Inc. the least risky high-yield home-builder as it sells $700 million of notes, its largest offering in almost seven years, after the biggest annual increase in U.S. residential construction in two decades.
The 3.12 percent average yield to maturity on the Fort Worth, Texas-based firm’s bonds is the least among home-builders with junk grades from all three major ratings firms, according to the Bank of America Merrill Lynch US High Yield Homebuilders & Real Estate Index. The measure compares with an average of 5.16 percent among the 30 borrowers in the gauge and down from 8.83 percent in February 2008, when it was seventh in the barometer.
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