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Companies are scooping money out of a bond market awash with liquidity at a startling pace. This is either a happy reflection of an unusually well functioning market or a cause for concern.
September is always a bumper month for bond issuance. Unofficially, the US market pretty much shuts down in August, as bankers and fund managers tend to take a break. Straight afterwards, and particularly after the UK bank holiday and US Labor Day, a back-to-school, back-to-business vibe kicks in, and debt bankers are put through their paces.
But this year is especially lively. Data provider Dealogic says 22 deals priced in the US on Tuesday — the first day back after the long weekend in the country. It was “the busiest day ever!”, UBS syndicate head Armin Peter enthused. The following day brought 26 deals. This is not a case of one or two…