Corporate Bond Sales See Record August

Companies trying to lock in low borrowing costs sell more than $237 bln of debt.

Sales of corporate bonds globally surged to the most on record for August as issuers rushed to lock in record-low borrowing costs.

Siemens AG, Europe’s largest engineering company, and JPMorgan Chase & Co. led borrowers selling $237.6 billion of debt this month, exceeding the $235.3 billion raised in August 2010, according to data compiled by Bloomberg. Yields fell to an unprecedented low of 3.72 percent on Aug. 28, according to Bank of America Merrill Lynch index data.

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