Name: 為什麼企業發債金額創歷史新高一圖表算數？ (Why companies issued a record amount of debt I Charts that Count)
Uploaded: 2021-01-14T09:47:32.000Z
Duration: 4 min 20 s
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Corporations sold a lot of debt last week.

過去簡單式

祈使句型

set a record for the most corporate debt sold in a week.

But if you think that means more investment going

into the economy, you may want to think again.

So let's start with this large chart down here.

shows the total amount of corporate debt issued

So it includes both high yield and investment grade debt.

As with most charts that go back over the financial crisis,

here with a large rise and then a large tumble.

But ever since then the issuance of corporate debt

And that's because borrowing costs have been low.

Now keep in mind this point right here is 2019.

So even though each of these other observations

we only have up until September for this data point.

So this potentially is going to rise over

Now, if we were to zoom in on that data point,

which shows 2019 corporate debt issuance from January

So this spike right here - this is last week.

This was the record setting corporate debt week

So why did this suddenly happen when the levels of debt

over the course of the year and then you have this shoot up?

Well, in August, Treasury yields were really low.

were able to issue debt at a low interest

Why would investors want to buy debt at a low interest rate?

Well, remember that in other markets - other bond markets

- there are negative interest rates right now.

So even if you're getting a low interest rate,

if it's in positive territory and you're an investor,

right now you're thinking that might not be the worst deal.

Two really unique things about this last week.

One was that usually when we see a bump in debt like this

it's because of some mega deal that's happened.

They just saw an opportunity and they took it.

So, for example, Apple sold $7bn in debt.

And there was a little bit more of a concentration

Although remember, this data contains the entire globe.

Now let's talk about the second interesting thing

they do it so that they can take that money

and invest it in new products or services that they offer.

They're investing in something new in the economy.

Well actually, with this issuance last week

and essentially restructuring their current debt so that it's

So if you thought, oh great, all these companies,

they're going to be investing their money

that a company may have isn't necessarily going up too much.

So if the total level of corporate debt out

If you think, ah, this looks like something

in the case of a recession, well you're not necessarily wrong.

Because remember high-yield debt refers to companies

they're going to have a hard time paying back the money

So if you're worried about it, keep an eye

what happens to the end of 2019 and see if this record

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為什麼企業發債金額創歷史新高一圖表算數？ (Why companies issued a record amount of debt I Charts that Count)

entire

essentially

opportunity

situation