Seeking Alpha

Global corporate bond issuance falls to 5-year low

  • With interest rates on the rise, corporate treasurers are shelving plans to raise money, with just $61B in corporate debt issued globally thus far in August - on course for the weakest month since 2008, according to Dealogic. In August 2012, $121B was raised.
  • Corporate bond issuance was running at a fast pace earlier this year, but Apple's $17B April offering in hindsight looks very much like a bell-ringer.
  • Bankers are hopeful going forward, with one noting a backup in the pipeline. "The market has generally re-priced on the back of higher yields and we fully expect investors to have appetite at new levels."
  • U.S. corporate bond ETFs: LQD, CBND, CORP, FLTR, FLRN, ITR, LWC, SCPB, VCIT, VCLT, VCSH, IGU, IGS, CSJ, QLTA, QLTB, BSCI, BSCJ, BSCK, BSCL, BSCM.
  • International corporate bond ETFs: PICB, IBND, IBCB, IBCC, IBCD, IBCE, IBDA, IBDB, IBDC, IBDD.
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