I am home sick today, so I am killing time surfing the Internet, posting interesting items and reinforcing my confirmation bias on Running of the Bulls.
Corporate bond issuance has been strong.
February already ranks as the ninth-largest month on record in issuance of U.S. dollar-denominated high-grade debt, according to Dealogic. The month's tally stands at $67 billion, and $9 billion for this week alone, in bonds not backed by the Federal Deposit Insurance Corp.
"The companies that have accessed the market have been predominately stronger, better-capitalized businesses, with the wherewithal to handle an economic downturn," said Tim Compan, corporate-bond portfolio manager at Cleveland-based Allegiant Asset Management. "There has, and will be, indigestion as spreads tighten, but for the most part, new issues have been well-received."
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