US junk bond issuance surges past 2019

摘要

US high-yield bond supply for the year so far reached US$284.829bn as of August 13, surpassing the amount raised during the whole of 2019 as borrowers shore up their balance sheets and investors show huge appetite for credit in a low-yielding environment. Last week saw US$19.7bn of issuance through to Thursday, headlined by large debt offerings from OCCIDENTAL PETROLEUM, FORD MOTOR CREDIT, ALBERTSONS COMPANIES and WINDSTREAM. The deals priced during the week took year to-date issuance well past the full-year amount raised in 2019, which was US$273.425bn. The highest ever annual issuance was in 2012, when US$336.549bn was sold, according to IFR data.