Sales of investment-grade corporate bonds in the U.S. reached an all-time high for a second straight year as issuers took advantage of borrowing costs that touched record lows to offer deals of unprecedented size.
U.S. stocks rose, halting a five-day slide for the Standard & Poor’s 500 Index, as investors weighed better-than-forecast jobs growth to gauge the strength of the economy and timing of Federal Reserve stimulus cuts.
Sales of dollar-denominated corporate bonds soared to a record for the second straight year, led by speculative-grade borrowers that rushed to offer debt before the Federal Reserve cuts its unprecedented stimulus.
Bond buyers are demanding the most in at least a decade to own long-dated bonds relative to debt with short maturities as they seek to protect themselves from losses when the Federal Reserve starts scaling back stimulus.
LPL Financial Holdings Inc., the brokerage fined last month for systemic failures and misstatements, has hired the former head of the U.S. Securities and Exchange Commission’s Boston office as its general counsel.
Bonds of issuers worldwide from Morgan Stanley to the Spanish government have erased losses for 2013 as reports of the death of the three-decade bull market in the securities prove premature with the Federal Reserve maintaining its stimulus.