J.P. Morgan analysts Nathaniel Rosenbaum and Sylvie Mantry said in a research report on Monday that only 12.4% of US investment-grade corporate bonds were issued in September, the lowest since January, and far below the average of 17.7% for the whole year. The sharp rise in US Treasury yields caused this share to decline, even though the market ushered in a large number of mergers and acquisition-related bonds. The volume of M&A financing surged 64% from August to reach US$61 billion, reaching a new high of 2026. Meanwhile, interest spreads on all newly issued investment-grade bonds in September compared to maturing bonds widened to 255 basis points, the highest since November 2023.

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