Corporate Borrowing & Debt

“Issuers are taking advantage of calm markets, low volatility, and tight spreads before Trump’s tariffs might spoil the party. ... For a record amount of issuance, there must also be a large amount of investors ready to put money at work. This is indeed the case.”

S&P and Moody's are both considering downgrading the planemaker to junk. If they do, much of Boeing's $52 billion in outstanding long-term debt would be ineligible for inclusion in investment-grade indexes.

The average yield in the U.S. investment-grade and high-yield bond markets fell following the Fed's move, making borrowing more attractive for issuers.

Borrowing costs have become compelling, as markets are already pricing in expectations for reduced interest rates. And several external factors could reverse that trend.

Twenty-nine companies tapped the bond market today, the busiest single day ever for the market by number of issuers.

The politicization of ESG debt has eroded the price advantage that issuers enjoyed during the ESG market's boom years.