Corporate America put the brakes on a month-long borrowing binge on Monday as growing concern about spillover effects from property developer China Evergrande Group roiled markets globally.

At least eight blue-chip companies that had planned to sell bonds decided to stand down, underwriters said. Worries about Evergrande pulled down equities around the world, including about a 2 percent decline in U.S. stocks. A key barometer of high-yield investors' risk aversion, the Markit CDX North American High Yield Index, weakened.

This may all be just a blip. High-grade companies often refrain from selling debt when there are steep moves in bonds, as was the case on Monday, with the 10-year Treasury yield falling by around 0.05 percentage point, to 1.31 percent. China Evergrande is seen by many strategists as only a peripheral concern for the U.S. credit market for now. All month, long corporate debt has rallied even as companies have sold more than $118 billion of high-grade debt in September, an eye-popping amount.

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