Record global sales of junk bonds
By Nicole Bullock in New York and Robin Wigglesworth in London
Companies sold record amounts of junk bonds globally last week in the latest sign of relentless demand for low-rated corporate debt this year.
Schaeffler, the private German precision engineering company, was among the recent issuers, debuting in the capital markets with the biggest euro junk bond in nearly six months as well as debt denominated in US dollars.
Junk bond issuance totalled a record $19.6bn last week, including a sizeable chunk of debt that European companies sold in the US, according to Dealogic, the data tracker.