Companies on both sides of the Atlantic are rushing to issue debt, taking advantage of the cheapest borrowing costs available in months following the sharp global bond market rally.
Corporate borrowers in the US and Europe issued $246bn worth of investment-grade and junk bonds in November alone — 57 per cent more than October’s total, and $16bn higher than the average figure for the first 10 months of the year, according to data from LSEG.
The flurry of issuance has continued this week, with highly rated borrowers including General Motors Financial, phosphate producer Mosaic and telecoms tower owner Crown Castle announcing fresh deals.