August 2015

What’s Inside

• Driven by increased mergers & acquisition (M&A) activity, the pace of corporate debt issuance is likely to set a new annual record in 2015.
• Improving business conditions, open capital markets, and accelerating M&A activity are driving record corporate new issuance.
• Corporate bond performance has been negatively impacted by the record issuance.
• The 2% GDP environment, increasing regulatory headwinds, and demand uncertainty are all contributing to a lack or unwillingness to grow business organically. Corporations, under pressure by shareholders for growth and multiple expansion, are actively buying growth within their industries as a response.

Complete Commentary/Printable Article