Companies borrowed $207 billion in the U.S. investment-grade market last month.

For investment-grade borrowers, “the timing could not be better. ... New-issue concessions are absent, with massive order books for every deal.”

“Issuers are very much incentivized to announce deals today to take advantage of lower rates. The market is fully open.”

The Japanese telecom’s $17.7 billion in dollar and euro bonds marks the biggest-ever offering of foreign bonds by an Asian corporate.

“The U.S. corporate bond market plays too important of a role in global investment portfolios for the turmoil of April to make a significant dent in demand.”

Companies must decide whether to issue now, when rates are higher but tariffs are paused, or wait until autumn, when rates are expected to fall but tariffs may have kicked in.

Risk premiums in the CCC tier of the bond market have jumped more than 150 basis points this year. Still, some argue spreads aren’t yet fully reflecting concerns about growth, trade, and geopolitics.

Long-dated Treasuries have become less attractive to investors since Moody’s downgraded the United States from AAA, reinforcing Wall Street’s worries over the U.S. sovereign bond market.