If there was a storefront for the corporate bond market at the moment, it would likely to be plastered with hyperbolic signs for the sale of a lifetime.
“10 per cent off all bonds!” one sign might read. “Close to 40 per cent off blue-chip company debt!” another could say. When will this sale end? Probably only once we get closer to a recession.
Until then, we are left with a curious situation in which the market value of bonds issued by the likes of Alphabet, the Google owner and one of the most highly rated companies in the world, is trading lower than the average price of the most lowly rated bonds available.
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