High-Grade Borrowing Frenzy Sets 2023 Record With 20 Deals
- Tuesday saw more than $36 billion of new bond issuance
- Around $120 billion of high-grade issuance expected this month
Issuers sold $77 billion and $51 billion in the four days following Labor Day in 2021 and 2022.
Photographer: Simon Dawson/Bloomberg
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BHP Billiton Finance USA Ltd. and Philip Morris International Inc. led a slate of at least 20 companies tapping the US investment-grade market, making Tuesday the busiest day of 2023 by both deal and volume count.
Tuesday saw more than $36 billion of new sales, according to data compiled by Bloomberg. It was the biggest wave of issuance since May 16, when the market saw about $33 billion of fresh debt in a day, and January 3, which saw just over $34 billion. Tuesday also set the single-day record for the number of deals in 2023.