(Bloomberg) — Blue-chip companies in the US sold a record $172 billion of bonds in February after falling yields spurred investors to buy debt and pushed companies to take advantage of relatively cheaper borrowing costs.
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The sales topped the prior record for February of $150.9 billion, set last year, according to data compiled by Bloomberg News. Issuance for the entire year has surpassed $361 billion, also a record. The sales come on the heels of the busiest week in nearly two years, driven in part by a deluge of bonds sold to fund mergers and acquisitions. And more bond sales are likely on the way.
“Looking forward supply is unlikely to abate with March typically the most active supply month in” the first quarter, strategists led by Eric Beinstein wrote in a note Monday.
Read More: Bond Markets Are Flooded With Deals to Fund M&A: Credit Weekly
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