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The most relentless surge in borrowing costs for U.S. corporate debt in four years is threatening to derail this year’s record pace of sales as concern deepens the Federal Reserve will curtail unprecedented stimulus.
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Wall Street banks are cutting their investment-grade bond holdings as the securities lose the most since the 2008 credit crisis amid mounting concern the Federal Reserve will slow its stimulus efforts.
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Wall Street banks are expanding holdings of speculative-grade bonds as prices fall from record highs with investors retreating from exchange-traded funds that buy the debt.
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A gauge of U.S. corporate credit risk increased after reaching its lowest level in five years.
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A gauge of U.S. corporate credit risk declined to the lowest level in more than five years as employment increased more than forecast in April.
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A gauge of U.S. corporate credit risk dropped to the lowest level in more than five years as Apple Inc. sold $17 billion of bonds in the biggest dollar- denominated offering on record.
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GFI Group Inc. , which matches securities and derivatives trades between banks, may sell notes as the lowest interest rates on investment-grade debt in at least 23 years allow companies to pare debt payments.
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Strategists at JPMorgan Chase & Co. lowered their recommendation on U.S. investment-grade corporate bonds to neutral from overweight, saying that uncertainty about Europe’s fiscal crisis will limit returns for the debt.
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Relative yields on U.S. investment- grade corporate debt are poised to narrow after bond dealers curbed holdings and as the world’s largest economy avoids recession, according to JPMorgan Chase & Co.
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The biggest investment-grade bond loss in 14 months is bolstering Bank of America Corp.’s view that the unprecedented bull market in the notes is over. JPMorgan Chase & Co. disagrees.
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