Blue-chip U.S. companies are pulling back from borrowing just when investors most want to lend.

Investment-grade corporate bond sales were below $100 billion in February, the worst February since 2014 and 14% below the monthly average for issuance for the last three years, according to data compiled by Bloomberg. Companies likely moved at least a portion of their debt sales up to January to get ahead of interest-rate hikes and the uncertainties of a Donald Trump presidency, Bank of America strategists led by Hans Mikkelsen wrote in a note dated Feb. 24.

Fund managers poured record amounts of money into the bonds at the start of the year, but even so issuance could remain muted for much of the rest of 2017, the strategists said. January had record sales of $185.5 billion of debt, data compiled by Bloomberg show.