U.S. Junk-Bond Sales Break Record for Busiest Quarter Ever
- First quarter beats second quarter of 2020’s $139 billion
- Jumbo deals from American Airlines, T-Mobile boost volumes
This article is for subscribers only.
U.S. high-yield debt sales set a new quarterly record as companies take advantage of low funding costs before potential inflation causes rates to rise further.
Carvana Co. launched $600 million of notes Thursday, which pushed issuance over the mark to $139.6 billion for the first quarter. That surpasses the previous high of about $139 billion set in the second quarter of 2020, when businesses rushed to raise liquidity at the start of the Covid-19 pandemic, data compiled by Bloomberg show. MGM China Holdings Ltd., Interior Logic Group -- issuing through Signal Parent Inc. -- and Dycom Industries Inc. set sizes for their deals earlier in the day to help drive volume past the record.