Global corporate borrowing climbs to record $8tn in 2024

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Financial Times 1d ago

Global corporate borrowing climbs to record $8tn in 2024 - Financial Times

Quick Summary:

Bankers say those cheap funding costs — at least relative to safe government bonds — initially persuaded companies to pull forward their issuance to avoid any market turbulence around the US election.

Even after 2024’s issuance bonanza, many bankers said they expected a steady stream of borrowing next year as companies refinance the wave of cheap debt they secured during the pandemic.

Pharma giant AbbVie raised $15bn from an investment-grade bond sale in February to help fund its acquisitions of ImmunoGen and Cerevel Therapeutics, while other large issuers in 2024 included Cisco Systems, pharma group Bristol Myers Squibb, beleaguered aerospace giant Boeing and retailer Home Depot.