Firms Swarm US Market With New Debt, Seizing Issuance Window

Firms swarmed the US primary markets with new debt sales on Monday, seizing a window to lock in borrowing costs ahead of a raft of earnings and central bank decisions, even as uncertainty in the Middle East lingers.

The investment-grade bond market is seeing its busiest day since March 5, with 12 companies including Intel Corp., Walmart Inc. and American Airlines Group Inc. selling a total of $24.3 billion of notes. At least 11 other issuers are looking to raise funds from riskier bond and loan deals, including a transaction to help fund the takeover of BASF SE’s auto paint and finishing division.