Record Pace of Bond Sales Cools

Eroding forecasts for economic growth cut into corporate issuance.

Corporate bond sales worldwide have slowed from their record pace in the middle of the month as everyone from the Federal Reserve to the International Monetary Fund cuts forecasts for economic growth.

General Electric Co., SABMiller Plc and Bayerische Motoren Werke AG led $287.8 billion of offerings this month, the slowest start to a year since 2008, Bloomberg data show. As recently as two weeks ago, sales totaled $187.3 billion, the fastest pace for a January on record. Now, sales from the U.S. to Europe to Asia have declined 14 percent from the $335.4 billion raised in the same period a year earlier.

Emerging Markets

In emerging markets, relative yields were unchanged at a seven-week low of 407 basis points, according to JPMorgan Chase & Co.’s EMBI Global index. Spreads have fallen from 490 on Oct. 4.

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