Global corporate debt sales soared to a record $8tn this year, as companies took advantage of red-hot demand from investors to accelerate their borrowing plans.
Issuance of corporate bonds and leveraged loans climbed by more than a third from 2023 to $7.93tn, according to LSEG data, as big companies from AbbVie to Home Depot took advantage of borrowing costs falling to their lowest level in decades relative to government debt.
The surge in activity passed a previous peak in 2021, as strong investor demand drove down costs for corporate borrowers even before the Federal Reserve and other central banks started cutting interest rates from their multi-decade highs.