High-grade issuance suffers Q1 slowdown
The slump is blamed on excess cash on balance sheets and last year’s pre-funding
Issuance in the US investment-grade corporate bond market has struggled in the first quarter of the year, with year-to-date supply on April 19 reaching a total principal amount of $181.8 billion, down $39.2 billion on the same period last year, according to Thomson Financial.
Thomson also reported that the number of new issues in the investment-grade market year-to-date was 481, falling short of the levels seen in 2004, when the number of new issues reached 683 over the same time frame.
However
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