Corporate borrowers are selling investment-grade bonds at the fastest clip since 2020 as companies take advantage of lower yields to issue debt before the November election.
The New York Stock Exchange in New York, US, on Monday, Aug. 5, 2024. A selloff in the riskier corners of the global market deepened, with stocks plunging and traders rushing to the safety of bonds as concerns about a slowdown in the world's largest economy intensified. Photographer: Michael Nagle/Bloomberg --
Both Treasury yields and the average cost for blue-chip debt plunged in recent days, creating an additional opportunity for issuers to raise cash at cheaper levels. High-grade bond yields fell to 4.99 per cent on Monday, hovering at the lowest since February 2023 after weak employment data sparked a stampede into Treasuries.
Richard Cheng, an investment-grade portfolio manager at Nuveen, says there is room for spreads to “drift wider” from here.
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