Sales of corporate bonds in the U.S. decreased 11 percent this week, falling from the fastest pace in six months, following announcements of central bank efforts to curb borrowing costs and stimulate growth.
JPMorgan Chase & Co., the biggest U.S. bank, and Basel, Switzerland-based Novartis AG led borrowers selling at least $44.6 billion of debt, following $50.2 billion last week, according to data compiled by Bloomberg. Sales compare with a 2012 weekly average of $26.8 billion.
Issuance declined from the busiest week since the period ended March 9 after news of the European Central Bank's unlimited bond-buying program and the Federal Reserve's announcement of a third round of economic stimulus. This week's slowdown is allowing investors to absorb earlier offerings and may be followed by an increase in sales next week, said Jody Lurie at Janney Montgomery Scott LLC.
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