U.S. Junk Bonds Set $329.8 Billion Sales Record Amid Yield Hunt
- 2020 high-yield issuance has topped 2012 for busiest year ever
- Flow of new deals currently driven by debt refinancings
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U.S. high-yield bond sales reached an annual record of $329.8 billion Wednesday as companies reap the benefits of the Federal Reserve’s liquidity-boosting policies and investors grasp for yield.
The crush of debt offerings accelerated in April after the U.S. central bank began purchasing some high-yield bonds as part of its efforts to support the corporate credit markets. Since then, issuance has eclipsed the prior annual sales record of $329.6 billion set in 2012, according to data compiled by Bloomberg.