(Bloomberg) -- Companies globally are piling into debt markets to sell bonds and loans while they still can.Most Read from BloombergHow Air Conditioning Took...
Ford Motor Credit Co., Formula 1, Brazil’s Petrobras and Saudi Arabia’s sovereign wealth fund were just a handful of the issuers tapping debt markets Tuesday, capitalizing on cheap funding costs ahead of potential spikes in yields in the coming months tied to the US presidential election.
“For issuers that are looking to print a low coupon, you could clearly see why they would be hitting the market at this point,” Robert Tipp, chief investment strategist and head of global bonds for PGIM Fixed Income, said in a phone interview. But yields could be pushed in unexpected directions if the Fed doesn’t reduce rates fast enough or if the US elections spur market volatility. That has led finance chiefs who need to borrow this year or even next year to do so before October.The bond blitz extended even to Latin American borrowers, marking the region’s busiest day for hard-currency debt issuance this year.
A slew of companies are also tapping investors for refinancings and dividends. TransDigm Group Inc. is offering $3 billion of new debt to fund a special cash dividend to shareholders that could reach $4.5 billion. --With assistance from Caleb Mutua, Ronan Martin, Paula Seligson, Jeannine Amodeo, Gowri Gurumurthy, Hannah Benjamin-Cook, Paul Cohen, Michael Tobin and Jessica Nix.Grand jury indicts Texas woman in attempted drowning of 3-year-old Muslim girl
Debt Issuance Bond Investors Debt Markets US Presidential Election Bond Yields Indonesian Government Sovereign Wealth Fund Corporate Issuers Petrobras Ford Motor Credit
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