Yields on high yield bonds issued in the U.S. hit an all-time low of 6.11% last week as cash-rich investors continue their quest to put money to work. Indeed, the high yield bond market has logged a healthy $7 billion in issuance in each of 2013?s first two weeks after a record $346 billion in volume during 2012 (you can check out historical high yield bond issuance here). The unprecedented activity is largely a result of opportunistic refinancings: issuers looking to take advantage of plunging borrowing costs, hence the record-low yields seen today.
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