Corporate Bond Issuance Dives

High-yield sales head for slowest month since December 2008.

U.S. company bond sales are falling, with speculative-grade issuance headed for the slowest month since December 2008, on growing signs the economy is faltering.

PepsiCo Inc., the world’s biggest snack-food maker, and Glenview, Illinois-based Illinois Tool Works Inc. led $5.7 billion of sales this week, a 72 percent decline from $20.4 billion in the period ended Aug. 19, according to data compiled by Bloomberg. There were no offerings of high-yield, high-risk bonds this week, leaving August’s total at $1 billion, compared with the monthly average this year of $28.5 billion.

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