APPLE’S Tim Cook has rolled out four jumbo bond issues in the past two years – and according to new research published yesterday it seems he’s not alone.
Figures from the influential Organisation for Economic Co-operation and Development (OECD) show the number of non-financial companies issuing corporate bonds has jumped 77 per cent since 2008, with a similar rise in the amount of cash raised.
Debt reduction and refinancing are the two main reasons for the surge. Junk bonds also account for a growing share of all corporate bond issuances.
In 2013, non-financial firms raised €1.6 trillion (£1.19 trillion) in total, compared with the pre-crisis era when $730bn was raised on average every year.