Unlock the White House Watch newsletter for free
Your guide to what the 2024 US election means for Washington and the world
Corporate borrowers are rushing to tap the US bond market, taking advantage of “eye-poppingly” buoyant conditions after Donald Trump’s election victory.
Companies including heavy machinery maker Caterpillar, biopharma company Gilead Sciences and investment bank Goldman Sachs have raised more than $50bn this week, according to LSEG data.
That total is far above bankers’ expectations and the busiest week since a burst of activity in September, when companies typically return to the market after a summer lull.
Credit and equity markets have rallied since Trump’s win last week, pushing corporate borrowing costs relative to US Treasuries to their lowest level in decades, as investors bet that tax cuts will boost profits.
Companies are opting to “strike while the iron’s hot — and the iron’s really hot…
