Companies issued record volumes of US debt this week as they moved to head off possible volatility from closely watched economic data, a Federal Reserve meeting and a fast-approaching presidential election. Twenty-nine US investment-grade bond deals hit the market on Tuesday alone following the Labor Day holiday, data from LSEG shows — the highest daily number on record.
Bankers also said that a bout of turbulence last month, triggered by a surprisingly weak US payrolls report for July, had reminded companies about the risks of delaying fundraising only to find that conditions moved against them. “One thing for sure that happened in August was that people started talking about recession again for the first time in a long time,” said Maureen O’Connor, Wells Fargo’s global head of investment-grade syndicate.
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