Photo: Buildings in the downtown skyline of San Francisco on May 3, 2023. San Francisco's office-vacancy rate soared to a record 27.6% at the end of 2022, compared with just 3.7% before the pandemic. Buildings in the downtown skyline of San Francisco on May 3, 2023. San Francisco's office-vacancy rate soared to a record 27.6% at the end of 2022, compared with just 3.7% before the pandemic.

Companies storming the bond market at a record-breaking pace made one thing clear: They don't expect rates to stay elevated for long.

More than $110 billion in bonds sold globally last week, the busiest start to September on record, with issuance heavily skewed to debt due in under 10 years. The barrage was led by investment-grade issuers, teeing up a wave of junk, including billions of dollars in buyout funding.

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