With governments and development banks dominating sales, the global market for green, social, sustainability, and sustainability-linked bonds reached $150 billion last year.
"If you don't believe there are assets to replace your existing, you're going to be more willing to do a leveraging transaction like using first lien to take out a second lien."
The impending barrage of T-bills is a precursor to a glut of longer-term debt issues, which might result in a "demand vacuum" for longer-maturity bonds that pushes yields higher and tightens financial conditions.