NEW YORK: U.S. public companies sold more than US$60 billion in shares in May, the biggest monthly haul ever, as they capitalized on a stock market rally fueled by hopes that the COVID-19 pandemic is subsiding.
The market has rocketed back with US$22.3 billion sold in April and US$65.3 billion in May, the highest on record. The share sales echo a similar trend in U.S. debt markets, where companies have raised more than US$1 trillion so far in 2020.