Credit Monitor: Bank Drama Dents IG Supply, But Returns Recover

Thanks to high drama in the financial sector, US investment grade supply was lower than anticipated in March. Although high-grade issuance topped $100 billion for the month, it was by the slimmest of margins. Expectations were for around $150 billion. Recall that the prior month counted as the heaviest February ever for IG, and 2023 was off to the busiest start on record for high-grade supply. The acute phase of the worst US banking panic since the GFC briefly closed the new issue door. The