CREDIT DAYBOOK AMERICAS: Junk Debt on Longest Upswing Since 1998

Few sectors in the credit market are as hot as US junk bonds, which despite the various twists and turns of the past several years just wrapped an 11th-straight quarterly gain — the longest since 1998.

• Included in the second quarter’s 3.53% advance was high yield’s best monthly return in nearly a year at 1.84% for June despite a surge of new bonds
  • Issuance was $37.4 billion, the most for any month since 2021, as borrowers took advantage of recent declines in borrowing costs with spreads at their tightest since early March and yields on Monday setting a 2025 ...