New York
INVESTMENT-GRADE companies are making a late-year rush to the debt markets, and investors are choking on the supply. With more than US$24 billion of bonds already priced this week, following record issuance in October, the market has pushed spreads - the yield over Treasuries investors demand to hold the debt - to a one-month high.
Broadcom Ltd brought the biggest November surprise with its audacious US$105 billion bid for Qualcomm Inc, as much as 80 per cent of which could be funded with debt.
Much of the borrowing has been done by blue-chip companies like Apple Inc, Oracle Corp and Johnson & Johnson that have little immediate need for the cash. Those are also among the US companies with...
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