News Summary

• Investment-grade companies have sold nearly $1.5 trillion of bonds this year.
• That's on pace to eclipse the record from 2020, when businesses were rushing to seize on near-zero interest rates.
• As the slew of longer-dated bonds keeps hitting the market, some investors have sold US Treasuries.
• That freed up cash to buy higher-yielding debt from immensely profitable companies like Alphabet, whose recent 30-year debt was issued at a yield of nearly 6.4%.