By Matt Tracy
(Reuters) – U.S. corporate borrowers flooded the market for new bond sales on Wednesday after sitting on the sidelines earlier in the week due to a spike in borrowing costs.
At least 17 corporate issuers tapped the U.S. bond market on Wednesday, including multi-billion dollar deals for tech giant Meta Platforms, automaker BMW and for-profit healthcare provider HCA Inc.
The strong Wednesday showing follows a dry spell earlier in the week as issuers digested a multi-day widening in credit spreads, the premium over Treasuries that borrowers pay for debt. Treasury yields fell as investors shifted to the safe haven of U.S. government bonds following last week’s off-target economic data that stoked fears of a recession.
Spreads for high-grade corporate bonds surged to 112 basis points on Monday, their highest since December, the ICE BofA U.S. Investment Grade Corporate Bond Index showed. Junk spreads rose to 393 basis points on…
