Big US companies are careful about the timing of their bond sales, as a general rule.
In the years after the financial crisis, investment-grade companies would stop selling bonds when Treasury yields went up, and start again when yields fell. Pretty simple, really.
So what should we make of the fact that companies are still selling plenty of investment-grade debt while the 10-year Treasury yield climbs to 4.2 per cent, close to 15-year highs?
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