Borrowers in the $10tn US corporate bond market are shying away from longer-term debt in a bet that soaring borrowing costs are unlikely to last.
Corporate bonds issued so far in 2023 have come with an average 10 years to maturity — the lowest figure in a decade, according to data from LSEG that spans both high and low-grade debt.
With investment-grade issuance hitting its highest daily level since 2020 last week, the shortened maturities underscore how companies are adapting their funding strategies to a backdrop of drastically elevated interest rates. Many are hoping that borrowing costs will have fallen when they come to refinance their shorter-dated debt.
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