US high grade supply slump continues amid volatility

The corporate US investment grade market limped to its lowest monthly tally for three years in July after five borrowers raised just over $3bn this week. With a backdrop already buffeted by geopolitical uncertainty, issuance was further subdued as US blue-chip borrowers continued in earnings blackout or remained on the sidelines in a week dominated by the Federal Reserve’s two day meeting on Tuesday and Wednesday, while the publication of June non-farm payroll data on Friday held back fresh issuance on Thursday.