Approximately US $30 billion of corporate bond sales were recorded in the US this week, in what appeared to be the busiest the market has been in nearly two months. The bond sales were led by Bank of America Corp. and Goldman Sachs Group Inc.
Goldman Sachs sold US $2.5 billion due July 2018 while Bank of America traded US $2 billion of 10-year securities due 2023, according to Bloomberg. The 4.1% debt sold by Bank of America is rated A- by Standard & Poor's.
The number of offerings reached US $24.6 billion last week, which was the most since May of 2013 when the market registered US $36.8 billion.
Last week also saw yields dropping from 4.13% to 3.99%, which nearly matched the record low of 3.35% on May 2 this year.
Meanwhile, investment-grade debenture sales increased to US $25 billion, which is up from US $23.1 billion last week and the weekly average of US $21.9 billion for 2013, index data showed.
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