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Big Companies Pull Back from Selling Bonds

Issuance was lower than usual in February and may remain muted in March.

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Blue-chip U.S. companies are pulling back from borrowing just when investors most want to lend.

Investment-grade corporate bond sales were below $100 billion in February, the worst February since 2014 and 14% below the monthly average for issuance for the last three years, according to data compiled by Bloomberg. Companies likely moved at least a portion of their debt sales up to January to get ahead of interest-rate hikes and the uncertainties of a Donald Trump presidency, Bank of America strategists led by Hans Mikkelsen wrote in a note dated Feb. 24.

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