An average of $50 billion in investment-grade and high-yield bonds changed hands each trading day last year, according to Crisil Coalition Greenwich, a provider of research and data for the financial services industry. A big chunk of trading comes from new bond sales, which often lead investors to sell a company’s older debt and buy fresh securities. Dealers including Morgan Stanley and JPMorgan Chase & Co. this year expect record issuance for high-grade US corporate debt, fueled in part by companies funding investments in artificial-intelligence infrastructure, like building data centers.
