Issuance of investment-grade corporate debt in April so far has hit $203.4 billion, slightly below March's record, buoyed by the Federal Reserve's unprecedented intervention into credit markets to blunt the economic effects of the coronavirus pandemic.
NEW YORK - Issuance of investment-grade corporate debt in April so far has hit $203.4 billion, slightly below March’s record, buoyed by the Federal Reserve’s unprecedented intervention into credit markets to blunt the economic effects of the coronavirus pandemic.
A record-breaking $234.7 billion was issued in March, according to Refinitiv data, as the shutdown of the U.S. economy left many businesses in dire need of cash. The borrowing slowed slightly in April as companies headed into earnings season. In an effort to maintain market liquidity, the Fed has pledged to buy investment-grade bonds as well as select high-yield bonds and shares in some high-yield bond exchange-traded funds. That is in addition to the more than $1.2 trillion in loans pledged in the Treasury Department’s Payroll Protection Program for small businesses and its Main Street Lending Program for larger companies.
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