US High-Grade Bond Market Is Having Its Busiest September Ever

The US investment-grade primary bond market is having its busiest September on record, as corporate America capitalizes on falling borrowing costs and strong investor demand that has driven spreads to their tightest level in nearly three decades.

Lowe’s Cos Inc. and Italian utility Enel SpA — via its financing arm Enel Finance International — are among 10 borrowers expected to price a combined $16 billion of notes in the US high-grade market Tuesday, bringing monthly sales to $172.3 billion, according to data compiled by Bloomberg. That’s already above the $170 billion record set for the full month last year.