US Companies Raising Billions in Debt Markets After Rate Cut
- Ten issuers, including T-Mobile, sold high-grade bonds
- Wayfair is looking to borrow $700 million in the junk market
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US companies stormed debt markets on Monday following the Federal Reserve’s decision last week to begin lowering its benchmark interest rate, pushing borrowing costs down.
Ten high-grade issuers — including T-Mobile — raised a total of $12.2 billion, with the market bouncing back after sales fell short of issuance forecasts last week. There could be $20 billion to $25 billion worth of deals this week, according to syndicate desks. There are 10 companies borrowing in the junk-bond market, marking its busiest day this year in terms of the number of issuers. Also in the US, 18 leveraged loan deals launched.