The Marriner S. Eccles Federal Reserve building in Washington, D.C., on February 27, 2024. Photographer: Moriah Ratner/Bloomberg
The primary U.S. investment-grade corporate bond market logged its busiest first quarter on record, supercharged by investors clamoring for high yields before the Federal Reserve starts cutting interest rates.
Blue-chip firms have capitalized on robust investor demand to borrow a record $529.5 billion this year through last Wednesday, far outpacing the previous high of $479 billion in the first three months of 2020, according to Bloomberg News analysis. Sales hit a record in January and February, and March issuance of $142.2 billion has exceeded expectations.
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