High-yield borrowers rush to refinance as rates climb

摘要

US high-yield corporates have been laser-focused on refinancing debt in 2021, taking advantage of strong market conditions to get ahead of potential increases in borrowing costs later in the year because of higher Treasury yields. According to JP Morgan figures, the US$38bn of high-yield bonds issued last month made for the second busiest February on record - following the busiest ever January, when US$56bn of bonds were offered.