FOMO Grips Bond Market and Concessions Vanish: Credit Weekly

It’s been some time since companies could raise cash in debt markets and come away feeling like they got the better end of the deal.

For most of 2022, borrowing was a delicate game of dodging rate hikes and negative inflation data and showering bond investors with extra yield in order to ensure they bought your debt.

In 2023, many of those potential land mines remain. Markets in most corners of the world are still navigating rate hikes, even if smaller ones. The risk of a recession later this year is still very real. And inflation, though ebbing, remains a ...