US investment-grade corporate bond issuances are surging: Investment-grade bond sales have reached 1.49 trillion year-to-date, the 2nd-highest total in history. This is only below the 1.75 trillion record set in 2020 after the Fed rapidly reduced interest rates. US issuance accelerated in October, helped by Meta’s 30 billion deal, the largest investment-grade offering in over 2 years. Next year, 1.1 trillion of high-grade bonds are estimated to come due, which suggests elevated issuance among investment-grade companies will continue. Meanwhile, global bond issuance has surpassed 6 trillion for the first time, highlighting a worldwide demand to refinance debt and secure more funding. Global rate cuts are fueling a massive refinancing wave.(The Kobeissi Letter)