Bonds
US Corporate Borrowing Spree Clocks Busiest First Quarter Ever
- Blue-chip companies borrowed $529.5 billion in first quarter
- Investor demand ‘overwhelmed’ record sales: Invesco’s Brill
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The primary US investment-grade corporate bond market logged its busiest first quarter on record, super-charged by investors clamoring for high yields before the Federal Reserve starts cutting interest rates.
Blue-chip firms have capitalized on robust investor demand to borrow a record $529.5 billion this year through Wednesday, far outpacing the previous high of $479 billion in the first three months of 2020, according to Bloomberg News analysis. Sales hit a record in January and February and March issuance of $142.2 billion has exceeded expectations.