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Junk Bonds Set Another Sales Record With Busiest September Ever

  • Companies sold $47 billion last month to mostly refinance
  • Four of the busiest months for issuance have been in 2020

The U.S. junk-bond market racked up another monthly record after borrowers sold more than $47 billion of the risky debt in September to borrow at some of the cheapest rates ever.

The crush of sales, that helped push issuance to an annual record the same month, made it the busiest September on record and the third-biggest month of all time, according to data compiled by Bloomberg. The surge was mostly driven by refinancings that are expected to continue into October.