However, two years ago issuers were utilizing the high-yield market to address looming loan maturities by a greater degree, with 32% of supply backing bond-for-loan takeouts while 22% was for bond refinancing.
To combat this giant gray market--where fakes can easily snake their way into the drug supply--Bond and other drug company executives are hoping to turn to a new technology, called radio frequency identification, or RFID, which pairs a tiny microchip with a small antenna.
Furthermore, by attracting new investors to municipal bonds, BABs have also helped to relieve the supply pressures in the municipal bond market and lowered borrowing costs.
While only a small fraction of these loans are likely to be sold, and even then only slowly, the prospect of this unexpected extra supply is unlikely to make bond investors anything other than nervous.
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In America and Britain the shrinking supply of government bonds has made bond yields less reliable as indicators of inflationary expectations.
However, a report out of the UK showing that money supply is barely moving and a weak bond auction in Italy has put traders back into uncertainty mode.
On the other side of the technical ledger, surging bond takeout activity helped tamp down supply.
MSBs, however, the scarcity of government bonds makes it hard for the central bank to engage in open-market bond dealings to control the money supply.
He is widely expected to undertake aggressive action that may include "open-ended" asset-purchase programs designed to push bond yields down, boost the supply of money in the banking system and spur lending to businesses.
To increase the base money supply, the Federal Reserve typically buys something, usually a bond of some sort.
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One of his recipes calls for readers to track down transglutaminase, an enzyme that can bond proteins together, sold by some specialty chef supply shops.
Euro corporate bond sales fell sharply in February, as January's bumper level of supply as well as earnings updates and heightened political concerns in southern Europe dragged on potential deals.
Rather, the relative scarcity of supply has allowed January's flood of deals to be absorbed, halting a slide in bond prices.
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