Corporate Borrowing & Debt

The firm's bond funds are part of the creditor steering committee that organized to present a united front should Aston Martin need to discuss debt refinancing, while its money managers are in talks to help the carmaker raise fresh cash by moving assets out of the reach of existing lenders.

Bonds maturing in 2036 priced at a premium of 1.4 percentage points above Treasuries, higher than the average spread on other similarly rated debt.

The deal, priced on Monday, attracted as much as $85 billion of orders, or more than three times the size of the offering.

"Negative earnings are not typically associated with an investment-grade company, but nothing about this is typical. It sits in a category of its own."

"You have the government balance sheet that's deteriorated over time, and you have corporate balance sheets that, in a lot of cases, remain strong and stable."

The roughly $50 billion in financing, which will also include around $12 billion in junk bonds and $7.5 billion in loans, may start as soon as the next couple of weeks.