Bond investors suffering hangover from high-grade debt binge
Issuing spree to fund deals comes amid potential change in tax laws
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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.
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