The high-grade bond market has turned from borrower paradise to borrower … purgatory.

Investors have forced investment grade-bond issuers in the United States to pony up more money to sell top-notch bonds over the past month. After paying little in so-called new issue concessions, borrowers are now regularly forking over a premium of more than 10 basis points as more investors become choosy about the debt they buy.

This is a major shift that has put buyers in the driver's seat after companies paid almost nothing to sell a massive amount of debt over the last two years.

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