Companies Get Paid to Borrow as Global Bond Binge Resumes
- Sanofi, Henkel issue debt with yields less than zero
- U.S. bond sales push year-to-date issuance past $975 billion
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Corporate bond issuance went from a summer lull to a new milestone on Tuesday.
Europe’s Sanofi and Henkel AG became the first companies outside of the banking industry to raise debt with yields less than zero. Issuance on both sides of the Atlantic kicked into a higher gear after Monday’s Labor Day holiday in the U.S., with companies including Siemens AG and Home Depot Inc. announcing plans to sell more than $18 billion of bonds.