More than $100 billion-worth of dollar-denominated investment-grade bonds was issued in the first three weeks of September. It is only the third time since 1995 that more than $100 billion has been issued in a single month, according to Dealogic. Bolstered by a lull in economic bad news, investors are piling into credit, while issuers are taking advantage of the positive market sentiment and increased appetite.
That raises a question: is 2012 – for the most part a terrible 12 months for the financial markets – going to be a $1 trillion year in US credit?
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For issuers, the US debt capital market could not be more welcoming at present.
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