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New debt sales from blue-chip companies are poised to reach a record for annual issuance this week as more opportunistic borrowers lock in some of the lowest borrowing costs in history. Meanwhile, high-yield supply may slow to a trickle.
Investment-grade syndicate desks are anticipating about $30 billion in new bond sales for the week, which would push total volume for the year past the current supply record of $1.3 trillion for all of 2017. Supply could reach $1.9 trillion by the end of the year, according to Monica Erickson, head of investment-grade corporates at Doubleline Group LP.
Apple Inc. led other high-quality companies in borrowing $48.8 billion last week, easily surpassing the top projection for $35 billion. Risk premiums on U.S. investment-grade corporate bonds have tightened substantially to early March levels and yields are flirting with the lowest levels in history, according to Bloomberg Barclays index data.
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