A person walks their dog in the empty streets in front of the New York Stock Exchange in the Wall Street Financial District of Manhattan New York May 19, 2020.The Federal Reserve's unprecedented move into corporate debt purchases helped fuel the buying spree by wiping out credit-health fears and driving historic inflows.
Only $548 billion worth of bonds were sold at the same time last year, according to Bloomberg, and the $1 trillion level wasn't reached until November.Historic market relief from the Federal Reserve drove corporate bond sales to reach the $1 trillion threshold at a record pace,The debt surge began in March when companies' liquidity needs drove unprecedented bond sales.
Thursday solidified a new record for the debt market, bringing total investment-grade corporate debt sales to $1 trillion at the fastest pace in history. Only $548 billion worth of bonds were sold at the same time last year, according to Bloomberg. It took until November for 2019 investment-grade sales to breach the $1 trillion level.
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