Eighteen issuers raised US$12bn of high-yield bonds through Thursday last week as investors took heart from more promising news on the Covid-19 pandemic, Federal Reserve bond buying plans and strong retail fund flows. The issuance flurry came despite a week that saw the benchmark for US oil prices collapse, highlighting how the primary market is taking its lead from other influences. Market access broadened last week to allow more unsecured offerings and longer-dated maturities, following on from the 18 tranches sold for more than US$15bn the week before.
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