Bonds
Record Bond Issuance Well-Absorbed as Most Trend Tighter
- Spreads on some of the biggest deals tightened on Wednesday
- Investors grabbing onto high yields ahead of expected Fed cuts
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Investors have welcomed an abundance of issuance in the blue-chip primary debt market this week, with many of the deals that debuted on a record-setting Tuesday already trading tighter the next day.
Over $43 billion of new high-grade bonds sold on Tuesday, the third-busiest day on record. Spreads on most of those bonds tightened in the secondary market on Wednesday, according to data from Trace. One of them, the biggest chunk of Mastercard Inc.’s $3 billion deal, traded 11 basis points tighter.