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Friday, November 20, 2009
Company Debt Sales Top Annual Record Already
By Deborah Levine
MarketWatch Pulse
NEW YORK -- With more than a month to go until 2009 ends, companies have already sold more debt this year than in any previous year, analysts at Bank of America Merrill Lynch said in a report released Friday. Investment-grade supply has matched the previous annual record of $960 in 2007 as credit markets have thawed, investors have become more comfortable returning to riskier assets, and borrowing costs have dropped dramatically. Companies including Boeing Co. , Harley-Davidson , Fortune Brands and Kellogg Co. have sold debt this week. After a couple weeks of rushing deals to market, companies may sell only $5 billion next week due to the Thanksgiving holiday, and another $15 billion or so the week after that. "That leaves the market on a path to a 2009 volume slightly exceeding $1 trillion," they wrote. Supply may fall about 20% from there in 2010, though, as companies deleverage and don't need to replenish debt refinanced this year.
Copyright © 2009 MarketWatch, Inc.
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