Mairin Burns

Nov 15, 2024 | pitchbook.com | Mairin Burns

With a historically strong US economy and robust markets, investors are growing increasingly comfortable with the risk trade, pouring money into high-yield bond funds and extending down the ratings scale to find valued yield. But supply has yet to rise commensurate with demand for lesser-rated bonds.

Jan 24, 2024 | pitchbook.com | John Atkins |Mairin Burns

Motivated high-yield issuers drove more than $15 billion of new-issue supply to the finish line from Jan. 1-19, for a 31% increase over the starting pace last year, according to LCD. And, reinforced by an acceleration in pricing pace from a slow start this year, issuance patterns appear to be normalizing, after last year’s highly unusual mix. Unsecured vs. Secured Of the eight new-issue tranches marketed last week in the high-yield primary market, five were senior unsecured offerings.