Based on Refinitiv’s numbers, the scene of the year’s first week was summed up in a Financial Times article.
“The corporate bond market typically revs up at the start of the year after a sleepy period around the holidays in late December. But the rush of new deals offers an early glimpse at the barrage of issuance expected early this year, as companies look to tap debt markets before major central banks begin raising short-term interest rates, something that increases the cost of borrowing across the economy,” the article notes.
The issuance was dominated by banks and other financial issuers, notably foreign institutions who raise funds in the US markets.
The article cites Jonny Fine, Goldman Sachs’ head of investment-grade debt issuance: “It’s been a solid start to the year, but it’s indicative of a financing environment that will be a little more difficult to navigate than we saw in 2021.”