A September rate cut by the Federal Reserve seems all but assured.

According to Fed data, the net proportion of U.S. banks that tightened standards on commercial and industrial loans for midsize and large businesses fell to 7.9 percent—the lowest since 2022.

Even as relative calm has returned in recent days, the likelihood of further shakeouts in currencies and equities, and simmering economic risks, support the case for bonds.

The offering of notes in five parts, for general corporate purposes, will help support investment in AI.