{"id":104856,"date":"2025-01-14T14:39:37","date_gmt":"2025-01-14T19:39:37","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/rising-us-yields-lead-some-companies-to-postpone-debt-sales\/"},"modified":"2025-01-14T14:59:59","modified_gmt":"2025-01-14T19:59:59","slug":"rising-us-yields-lead-some-companies-to-postpone-debt-sales","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/rising-us-yields-lead-some-companies-to-postpone-debt-sales\/","title":{"rendered":"Rising US yields lead some companies to postpone debt sales"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4ee98f490'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Rising US yields lead some companies to postpone debt sales<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/408969611-11.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Office buildings 2\" title=\"Office buildings 2\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4ee99a943'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">January 14, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg News<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0c4ee99d67a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400;\">This article was written by Josyana Joshua with assistance from Michael Gambale. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<p>A handful of companies have held back on selling high-grade corporate bonds in the US after yields have climbed in the last week close to their highest levels since the middle of last year, boosting potential borrowing costs.<\/p>\n<p>Sales have generally been relatively active in the first few trading days of January, but at least one company opted to stand down from issuing high-grade bonds Wednesday, according to Bloomberg News strategist Brian Smith. A handful of other borrowers chose to put off their deals until next week, Smith wrote.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0c4ee99f042'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2016660314181040398\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c4ee9a4aab'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">They\u2019re delaying sales as borrowing costs have edged higher recently. The\u00a0average yield\u00a0on a US high-grade corporate bond was 5.41% at Wednesday\u2019s close, hovering around its highest level since July and up from 5.33% at the end of last year.<\/p>\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">\u201cCompanies may wait on a better entry point with yields well above month-ago levels,\u201d Bloomberg Intelligence analyst Noel Hebert said. \u201cIf we think about where rates are today and upcoming economic data with payrolls and CPI, you probably have more downside than upside to yields, particularly as further rate cuts remain the default in Federal Reserve communications.\u201d<\/p>\n<div class=\"gridLayout_leftContent__rFf_1\">\n<div class=\"basicLeftRail_bottom__x8a0Y\">\n<div class=\"media-ui-TerminalTout_background-ugfAG8JrlcE-\"><\/div>\n<\/div>\n<\/div>\n<div class=\"gridLayout_centerContent__XTM8S\">\n<div class=\"flex\">\n<div class=\"styles_content__QvQ5s\">\n<div class=\"body-content\">\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">But that hasn\u2019t stopped many companies from borrowing in the high-grade market. In the first three days of the week, companies sold about $60 billion of investment-grade notes, with issuance mainly coming from utilities and financial corporations, including banks. The total for the year through Wednesday so far is about\u00a0$76 billion, slightly ahead of the\u00a0total\u00a0for the same period last year.<\/p>\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">An informal survey of debt underwriters last month found\u00a0forecasts\u00a0of $175 billion to $200 billion for January, compared with a record $190 billion for the first month of last year. At\u00a0least\u00a0four\u00a0other\u00a0sales are\u00a0teed\u00a0up for the\u00a0coming\u00a0days, including a possible offering from Hyundai Capital Services.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Day of Mourning<\/h2>\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">In the leveraged loan market, there is only one lender call\u00a0scheduled, for NielsenIQ\u2019s dual-currency refinancing. Commitments are due on one deal Thursday in the US leveraged loan market.<\/p>\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">Capital markets activity was broadly slower on Thursday because bond markets are closing early for the\u00a0national day of mourning\u00a0for Jimmy Carter. There\u2019s also an employment report set to release Friday, which could have a big impact on yields.<\/p>\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">Yields have risen across US fixed-income markets since September, taking another leg up starting last month. The\u00a010-year\u00a0US Treasury yield was 4.69% on Thursday, compared with 4.15% on Dec. 6.<\/p>\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">If rates continue on their path higher or start to fluctuate, there could be more pressure on underwriters looking to bring deals, according to\u00a0Nicholas Elfner, co-head of research at Breckinridge Capital Advisors.<\/p>\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">\u201cIf it\u2019s really rate volatility, that is more challenging for underwriters to bring corporate-bond deals rather than just movement up or movement down in yields,\u201d Elfner said in an interview. \u201cFrom our perspective, rate volatility can be problematic just because of hedging that dealers may put on when pricing deals, if Treasuries are too volatile.\u201d<\/p>\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">One positive for high-grade corporate bonds is that higher yields will draw demand from investors like pensions and insurers, which focus on interest payments rather than valuations. Their buying can help fuel more issuance from companies eager to borrow.<\/p>\n<p class=\"media-ui-Paragraph_text-SqIsdNjh0t0- paywall\" data-component=\"paragraph\">\u201cAt these kind of yields, I think it forces some needed discipline on corporate treasurers when they\u2019re looking at capital allocation and their financing activities,\u201d said\u00a0Stephen Searl, co-head of corporate and municipal teams at Conning. \u201cBut it\u2019s not something that\u2019s going to stop them from coming to the market.\u201d<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c4ee9a6fca]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c4ee9a6fca'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n           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<\/p>\n","protected":false},"author":1935,"featured_media":104863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"457","footnotes":""},"categories":[457,453],"tags":[451,526],"series":[],"class_list":["post-104856","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","tag-corporations","tag-fixed-income","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rising US yields lead some companies to postpone debt sales | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Several companies have delayed issuing high-grade corporate bonds in the US due to rising yields, which have approached their highest levels since mid-last year, potentially increasing borrowing costs.\" \/>\n<meta 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