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A $100 Billion Month of U.S. High-Grade Bond Sales Is On Deck

Oct 2, 2021

03 Oct 2021, 3:32 AM IST 03 Oct 2021, 1:30 AM IST 03 Oct 2021, 3:32 AM IST Save (Bloomberg) -- Wall Street syndicate desks expect to see $90 billion to $100 billion of fresh U.S. investment-grade bond supply in October, with as much as $20 billion of that lining up next week. (Bloomberg) -- Wall Street syndicate desks expect to see $90 billion to $100 billion of fresh U.S. investment-grade bond supply in October, with as much as $20 billion of that lining up next week. That’s higher than the $80 billion that priced in October of last year and significantly more robust than the $68 billion that came in 2019, according to data compiled by Bloomberg. Rising rates are top of mind for issuers after the 10-year Treasury yield crossed above 1.5% this week. The belief that borrowing costs could continue to rise is likely to spur more issuance. “The jump in interest rates created new urgency for issuers to lock in rates before they increase further, potentially pulling issuance forward from plans for coming years,” Bank of America Corp. strategists led by Hans Mikkelsen wrote Thursday. The first half of October tends to be slower for supply due to earnings-related issuance blackouts, they added. So far, credit markets have been largely immune to the volatility rocking equities of late. Barlcays Plc strategists expect that to remain the case through the end of the year. “Credit markets were tested but resilient in a volatile September for risk assets, with spreads tightening over the month amid elevated supply,” strategists led by Bradley Rogoff wrote Friday. “Entering the last quarter, we expect spreads to be mostly range-bound and returns to be driven primarily by carry.” High Yield U.S. high-yield bond volume of $25 billion and $50 billion is expected in October, according to five Wall Street banks and research desks surveyed by Bloomberg. In leveraged loans, sales of $40 billion and $75 billion are projected, according to four of them. About $44 billion of junk bonds and $55 billion of leveraged loans were sold in September, with leveraged buyouts -- including the jumbo deal from Medline Industries Inc. -- fueling supply. The fourth quarter will kick off with more loans financing M&A activity. A lender call is scheduled for Oct. 6 for MKS Instruments Inc.’s $5.28 billion-equivalent term loan to fund its acquisition of Atotech Ltd. The offering will include dollar and euro loans. MKS Instruments makes equipment for the chip industry. Meanwhile, Aggreko Plc, one of the world’s biggest suppliers of portable power generators, is selling about $1.35 billion worth of dollar, pound and euro loans to finance its acquisition by I Squared Capital & TDR Capital and to refinance existing debt. After a busy September and quick start in October for buyout financing, the market may be set to slow into the end of the year. Cade Thompson, a partner in KKR & Co.’s capital markets group, said there won’t be a large forward calendar for M&A/leverage buyouts for the rest of the year. Instead, expect to see new deals executed in 2022, he said at a Bloomberg News conference on Sept. 28. ©2021 Bloomberg L.P.

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