The U.S. investment-grade primary bond market is kicking off 2023 with a rush of new offerings, as companies take advantage of a favorable market window to get ahead of potentially more volatility and a possible economic recession. | Reuters
Investment-grade bond spreads widened last year as the Federal Reserve raised interest rates but have tightened sharply in the past few months, from about 170 basis points in October to around 138 basis points as of Dec 31, according to the ICE BAML index.
Due to market volatility and holiday schedules, however, issuers had few opportunities to take advantage of the fall in yields until this week.
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