Corporate Bond Sales in U.S. Busiest in Six Months as Fed Acts
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Corporate bond offerings in the U.S. soared this week to the busiest pace in six months as borrowing costs tumbled and the Federal Reserve unleashed its third round of quantitative easing to stimulate the economy.
Walgreen Co., the largest U.S. drugstore chain, and London-based AstraZeneca Plc led borrowers selling at least $43.2 billion in bonds, the most since $60 billion was issued in the week ended March 9, according to data compiled by Bloomberg. Yields on speculative-grade debt dropped to an unprecedented low, breaking the previous record set more than 15 months ago.