Lower rated borrowers send high yield bond pricing higher in October
Source: Debtwire Par
High yield bond issuance slowed in October, falling to its lowest level this year at just USD 20.9bn – marking the lowest monthly issuance total for high yield paper since the onset of the coronavirus (COVID-19) pandemic last March. With the waning of the Federal Reserve’s corporate high yield bond buying program put in place to provide liquidity and stabilize markets as the pandemic took hold and the global economy came grinding to a halt last spring, borrowers have begun to turn to alternative funding sources.