美国投资级债券发行规模创2020年来新高，全球债市迎来创纪录之年

Group 1 - The annual issuance of U.S. investment-grade corporate bonds reached $1.499 trillion, marking the second-highest level in history, as companies leverage lower borrowing costs for debt refinancing, acquisition financing, and investments in artificial intelligence [1] - Despite not reaching the record high of $1.75 trillion set in 2020, strong investor demand and interest rate cuts by central banks globally have created a favorable market environment for borrowers [2] - The global bond issuance has surpassed $6 trillion for the first time, setting a new historical record [2] Group 2 - The issuance of U.S. investment-grade bonds has accelerated recently, with October's issuance reaching a monthly record, partly due to Meta's $30 billion bond issuance, the largest investment-grade bond deal in over two years [2] - The borrowing costs for investment-grade bonds remain at historical lows relative to U.S. Treasury benchmark rates, with the average spread in the secondary market dropping to 0.72 percentage points in September, the lowest level since 1998 [3] - Approximately $1 trillion in bonds is set to mature by 2025, leading Wall Street to anticipate an unusually active year for investment-grade bond issuance as companies may need to refinance a significant portion of maturing debt [4] Group 3 - Preliminary forecasts from Wall Street indicate that investment-grade bond issuance is expected to grow further in 2026, with about $1.1 trillion of high-rated bonds maturing next year [4]