Banks Forsaking Lowest Yields in September Rush: Credit Markets
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Banks are sitting out the busiest September for corporate bond sales in a sign they may refrain from lending while the Federal Reserve considers how to jolt the economic recovery.
Microsoft Corp., Hewlett-Packard Co. and Ford Motor Co. led $124.3 billion of U.S. issuance this month, on pace to beat the high of $125.1 billion in September 2009, according to data compiled by Bloomberg. Sales by banks and financial companies account for 16 percent of the total, the lowest proportion since April and down from 30 percent a year ago.