Borrowers are flooding global debt markets at an unprecedented pace as they take advantage of demand from credit-hungry investment managers flush with cash.

With corporate bond spreads near a 30-year low, more Asia-Pacific borrowers came out Wednesday, after they priced the most notes since 2023 on Tuesday. In Europe, a record number of borrowers raised funding Tuesday, while Wall Street is forecasting a January record $200 billion in the United States. Globally, corporations and governments have raised roughly $184.5 billion across all kinds of bonds this year through Tuesday, with more expected to price later this week. Even risky debt from China is bouncing back, while the Airport Authority of Hong Kong priced the largest-ever issuance in the city’s local currency. The strong demand is also fueling a blitz in the leveraged loan market, with over $33 billion of deals launched in the U.S. this week.