Investors Lose Money on September Bond Sale Flood

Investors are losing money on a third of the corporate bonds sold in September, as the busiest month for issuance since the euro crisis began exhausts bond buyers’ appetites with $49 billion of deals.

The biggest losses were on Brisa-Auto Estradas de Portugal SA and Energias de Portugal SA’s bonds, the first corporate sales from the country in 19 months, according to data compiled by Bloomberg. Buyers were burned on 35 percent of the new issues as lower-rated borrowers joined the borrowing frenzy.