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Investing.com -- U.S. investment grade bond issuance reached $40.4 billion last week, exceeding syndicate desk expectations of $25-30 billion and marking the highest weekly volume in three months, according to Wells Fargo (NYSE:WFC)’s Weekly Issuance Tracker.
The high-yield market saw $14.8 billion in new issues, its busiest week since 2021, while the leveraged loan market recorded $38 billion in launches, with $20 billion representing refinancing activity.
Strong corporate earnings and expectations of at least two interest rate cuts this year are driving the current supply boom, with issuance momentum continuing at full force amid spreads hovering near decade lows.
Looking ahead, syndicate desks project $40-45 billion in investment grade volume this week, potentially making it the highest week for bond sales this month. Some issuers may accelerate their plans ahead of Tuesday’s Consumer Price Index (CPI) release.
Global issuance excluding structured finance and leveraged loans for the week ending August 8 increased 7% year-over-year, with high-yield bonds surging 120%, financial institutions up 87%, and government issuance rising 9%. Investment grade issuance declined 30% compared to the same period last year.
For the third quarter of 2025 to date, global issuance remains flat year-over-year, with high-yield up 74% while investment grade, government, and financial institution issuance all showing modest declines.
Rating agencies have recently updated their 2025 guidance. Moody’s raised its revenue guidance on July 23, now expecting low-single-digit to mid-single-digit growth on rated issuance, incorporating a 15% increase in announced mergers and acquisitions.
S&P Global increased its ratings revenue guidance on July 31 to 2-5%, assuming flat billed issuance in the second half of the year.
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