6 days ago
Corporate Debt Sales Top $1 Trillion at Fastest Pace Since 2020
A massive wall of debt coming due, an unpredictable US leader and falling yields have compelled corporate borrowers to sell debt this year at the fastest clip since the pandemic debt binge of 2020.
The annual supply of fresh investment-grade bonds surpassed $1 trillion on Tuesday, a day earlier than it did last year. Refinancings, like Japanese telecom giant NTT Inc.'s sale of more than $11 billion in bridge loans used to take its data-center business private, as well as mergers and acquisitions — including $26 billion Mars Inc. bonds to fund its acquisition of foodmaker Kellanova — helped set the milestone.
