U.S. Corporate Bond Primary Markets Finally Enter Holiday Lull
- High-grade supply will slow to drip after December record set
- In high yield, Skillz dangles 11% yield on debut secured bond
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The end-of-year lull for U.S. corporate debt markets appears to have finally arrived after high-grade companies set a December issuance record in just the first two weeks of the month.
Wall Street expects a slowdown to just $5 billion in sales next week, according to an informal survey of debt underwriters. Several dealers have said that most of the December new debt calendar has been wrapped up, and they anticipate a slow drip for the rest of the year.