Primary corporate bond issuance contracted by 18% month-over-month as major central banks signal a prolonged hold on benchmark interest rates. Yield spreads between AAA-rated paper and speculative grade debt have widened by 42 basis points.
Balance Sheet Strategy
Multinational enterprises are increasingly prioritizing debt retirement over capital expenditure. Treasurers are refinancing near-term maturities through private credit markets rather than public debt offerings to secure flexible covenants.