US corporate bond markets are rallying as credit spreads tighten, new issuance picks up, and liquidity stays strong. Investors with cash on the sidelines are rotating into risk assets for higher yields, even with geopolitical tensions in the background. Corporate balance sheets look healthy and earnings trends remain steady, reinforcing confidence.
Global debt has surged to a record near 353 trillion, and investors are beginning to look beyond US Treasuries. With expectations pointing to rising US debt but steadier paths for parts of Europe and Japan, demand is drifting toward Japanese and European government bonds. Meanwhile, US corporate bond markets are heating up, adding to the shift.
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A new committee will assess public sector banks’ capital constraints, as India looks to deepen its corporate bond market to broaden access to finance. The plan targets smoother flow of capital to all borrowers, including small businesses and farmers, at competitive rates. Authorities also want tighter regulation to improve market functioning and trust.
Torrent Power is preparing what could be its biggest corporate debt issuance yet, with its first acquisition funded bond sale of the current financial year. Merchant bankers told Reuters the company aims to raise capital specifically to bankroll a coal-related acquisition, signaling a more aggressive funding push via the bond market to support deal execution.
RBI has revised norms allowing non-residents to invest in corporate debt through special rupee vostro accounts (SRVAs). Introduced in July 2022 to settle international trade in rupees, the SRVA route is now set to boost participation in India’s corporate bond market. Such investments will count under FPIs’ General Route limits, but minimum residual maturity and issue-wise caps won’t apply.
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