“We increasingly view a large-scale pullback in spending driven by uncertainty about tariffs, DOGE layoffs, and weakness in equities as a non-trivial tail risk.”

Both robust foreign demand for high-yielding U.S. corporate bonds and falling hedging costs are drawing companies to Japan.

Debt sale received a BBB rating from S&P because it expects Flower Foods’ net debt–to–EBITDA ratio to remain above 3 for at least two years.

The U.S. junk market, by contrast, has a “largely manageable” volume of debt coming due in the next three years.

“Issuers are taking advantage of calm markets, low volatility, and tight spreads before Trump’s tariffs might spoil the party. ... For a record amount of issuance, there must also be a large amount of investors ready to put money at work. This is indeed the case.”

Since the inception of the sustainability-securities market, only 2021’s $1.126 trillion in sales was higher.

Moody’s Ratings updated its policies to make it simpler to determine how much of hybrid bond issues to consider as equity. “That shift in methodology helped to fuel the rebirth of this market.”

According to a T. Rowe Price portfolio manager, the spread between green bonds and non-green bonds from the same corporate is in the range of 0 bps to 1 bps, which isn’t “economically appealing for an issuer.” Sovereigns are getting about a 7 bps premium, on average.