Supply in August totalled US$35bn, lower than the previous year’s level. However, this is higher than June’s supply and, more notably, July’s. We expect supply in September to increase to the usual heavy amount for the month. Corporate YTD supply now sits at US$500bn, and after redemptions, YTD net supply now sits at US$117bn. Net supply this year will still be low, but we revise our forecast modestly higher to US$650bn on the back of slightly heavier supply seen in the first six months of this year. But we still expect supply to slow in the second half of this year as large prefinancing has been done and many ... (full story)