The search results provide excellent direct sources for the Cencora rating action and acquisition, and the RiverStreet bankruptcy. Result from Credit Benchmark also provides a strong citation for the general sentiment about rising U.S. corporate default risk, aligning with the "What reporting said drove credit" section of the prompt. I will use these for the News summary.

I have found direct sources for all the explicitly mentioned news items and a good source for the general credit trend. I can now proceed to compose the response.

News summary

• Fitch Ratings revised Cencora, Inc.'s Rating Outlook to Negative from Stable, while affirming its 'A-' Long-Term IDR, following the company's announcement to acquire American Oncology Network (AON) for approximately $1.7 billion in cash.
• Rural broadband provider RiverStreet Communications filed for Chapter 11 bankruptcy protection and agreed to sell substantially all its assets to funds managed by Oaktree Capital Management, aiming to reduce debt and secure its long-term future.
• U.S. corporate default risk has risen 54% over the past decade, with growing differences in credit risk across industries and emerging vulnerabilities in private credit, according to Credit Benchmark.

Volume take

• Total corporate bond trading volume was $65.61B, coming in 4% above what the calendar implied, suggesting stronger-than-expected activity for a Thursday.
• Investment grade volume was $45.59B, while high yield volume was $20.02B, with both segments experiencing wider spreads. IG spreads increased by 4.7 bps over 20 days and 9.2 bps over 200 days to 89 bps, and HY spreads widened by 23.3 bps over 20 days and 53.4 bps over 200 days to 340 bps.
• Credit ETF turnover remained significant at 20% of cash volume ($13.02B), with High Yield ETFs at a notable 26% of cash, indicating continued use of ETFs to trade credit risk.

Compared to recent sessions

• This session continues a recent theme of increasing credit risk, as evidenced by the widening spreads, particularly in high yield, and increased HY spread volatility, aligning with prior reports of "flight to quality" and rising default risk.
• The bankruptcy filing of RiverStreet Communications follows recent instances of corporate distress, reinforcing ongoing concerns about credit vulnerabilities.
• The negative outlook change for Cencora due to debt-financed M&A also points to ongoing scrutiny of corporate capital structures, echoing concerns seen in previous "AI borrowing-related credit scare" summaries.

Bottom line

Elevated corporate bond trading activity, exceeding calendar expectations, was primarily driven by widening credit spreads and increased high yield volatility amid growing concerns about overall corporate default risk. Specific negative credit news, including a significant bankruptcy filing and a rating outlook change tied to debt-funded M&A, contributed to the risk-off sentiment.### News summary:

• Fitch Ratings revised Cencora, Inc.'s Rating Outlook to Negative from Stable, while affirming its 'A-' Long-Term IDR, following the company's announcement to acquire American Oncology Network (AON) for approximately $1.7 billion in cash.
• Rural broadband provider RiverStreet Communications filed for Chapter 11 bankruptcy protection and agreed to sell substantially all its assets to funds managed by Oaktree Capital Management, aiming to reduce debt and secure its long-term future.
• U.S. corporate default risk has risen 54% over the past decade, with growing differences in credit risk across industries and emerging vulnerabilities in private credit, according to Credit Benchmark.

Volume take

• Total corporate bond trading volume was $65.61B, coming in 4% above what the calendar implied, suggesting stronger-than-expected activity for a Thursday.
• Investment grade volume was $45.59B and high yield volume was $20.02B, with both segments experiencing wider spreads. IG spreads increased by 4.7 bps over 20 days and 9.2 bps over 200 days to 89 bps, and HY spreads widened by 23.3 bps over 20 days and 53.4 bps over 200 days to 340 bps.
• Credit ETF turnover remained significant at 20% of cash volume ($13.02B), with High Yield ETFs at a notable 26% of cash, indicating continued use of ETFs to trade credit risk.

Compared to recent sessions

• This session continues a recent theme of increasing credit risk, as evidenced by the widening spreads, particularly in high yield, and increased HY spread volatility, aligning with prior reports of "flight to quality" and rising default risk.
• The bankruptcy filing of RiverStreet Communications follows recent instances of corporate distress, reinforcing ongoing concerns about credit vulnerabilities.
• The negative outlook change for Cencora due to debt-financed M&A also points to ongoing scrutiny of corporate capital structures, echoing concerns seen in previous "AI borrowing-related credit scare" summaries.

Bottom line

Elevated corporate bond trading activity, exceeding calendar expectations, was primarily driven by widening credit spreads and increased high yield volatility amid growing concerns about overall corporate default risk. Specific negative credit news, including a significant bankruptcy filing and a rating outlook change tied to debt-funded M&A, contributed to the risk-off sentiment.

News summary

• Market reporting indicated a "flight to quality" as investors favored investment-grade bonds over riskier high-yield debt, signaling increased caution about credit risk. This trend was evident as the spread gap between the lowest-rated investment-grade bonds and Caa-rated corporate bonds widened to its largest level since 2020.
• Workday, the enterprise software maker, priced a $2.5 billion multi-tranche senior note offering, contributing to a modest new issue calendar for the day, which was reported as quieter than the 2026 daily average.
• Multiple corporate bankruptcies were reported, including telecommunications provider RiverStreet Communications of Virginia, Inc., real estate developer Ignit Johnston LLC, global visual content marketplace Getty Images Holdings Inc., and trucking company KLS Logging Inc., highlighting broad distress across sectors.

Volume take

• Total volume surged 9% above calendar expectations for a Wednesday, with actual trading coming in at $69.63 billion, reflecting a broad session as 3% more issues traded at 14% above their usual size each.
• Investment grade volume was $49.88 billion and high yield was $19.76 billion, with the reported "flight to quality" likely contributing to the preference for investment grade assets.
• Credit ETF turnover reached $9.94 billion (14% of cash), notably with high-yield ETFs at 20% of cash volume, indicating investors used ETFs to manage credit risk without direct bond exposure. Credit futures activity remained modest at $305 million (0.44% of cash).

Compared to recent sessions

• The "flight to quality" theme continued from recent sessions, which saw significant stress in high-yield AI bonds and broader credit risk concerns persist.
• The modest new issue calendar for the day marked a departure from the heavier supply observed in prior weeks, including large bank offerings.

Bottom line

The day's elevated trading, 9% above calendar expectations, and distinct "flight to quality" was primarily driven by widespread credit risk concerns highlighted by multiple corporate bankruptcies and a preference for safer assets.

News summary

• NewtekOne, Inc. received new KBRA ratings on October 20, 2026, including a BBB- senior unsecured debt rating, reflecting its ongoing bank transition.
• Cumberland Coal Corporation and P&G Steel Products Co. Inc. both filed for Chapter 11 bankruptcy on October 20, 2026, indicating distress in specific corporate sectors.
• BayMark Health Services completed an out-of-court debt restructuring, materially strengthening its balance sheet and resolving capital structure concerns.
• Credit markets are sending unusually mixed messages, with surges in the riskiest junk bond spreads while less-risky corporate credit shows less stress, leaving investors in uncharted territory.

Volume take

• U.S. corporate bond trading volume was notably heavy, coming in 25% above what the calendar implied for the session.
• The activity was broad, with 6% more issues trading than usual, each at 19% above their typical size, indicating widespread participation.
• Investment grade volume reached $53.28 billion, while high yield volume stood at $21.22 billion.
• Credit ETF turnover was robust at $10.84 billion, representing 15% of cash trading, with high yield ETFs showing a 19% ratio to cash.

Compared to recent sessions

• The observed divergence in credit market performance, with increased stress in high yield spreads amidst relative calm in investment grade, continues a theme seen in recent sessions, which highlighted "AI borrowing-related credit scare" and broader high-yield concerns.
• High yield spread volatility at 105 basis points, up 13.2 basis points over 20 days, indicates a sustained period of elevated risk in the speculative-grade segment, consistent with recent summaries.

Bottom line

The significantly higher-than-expected trading volume, particularly in a broad session, was likely driven by a combination of corporate credit events, including bankruptcies and a major debt restructuring, alongside persistent mixed signals in the broader credit market that fueled divergence between investment grade and high yield performance.

News summary

• United Rentals Inc. and SanDisk Corp. were both designated 'rising stars' by S&P Global Ratings, upgraded from speculative to investment grade on October 19, 2026.
• Cogent Communications Group LLC was downgraded by S&P Global Ratings to a 'risky credit' due to increasing refinancing risk.
• Tradeweb Markets Inc. announced a definitive agreement to acquire electronic credit trading marketplace Trumid Holdings, LLC for approximately $1.97 billion, expanding its credit capabilities.
• Credit markets displayed unusual stress with the riskiest junk bond spreads widening sharply, while higher-rated credits remained firm.

Volume take

Total U.S. corporate credit volume reached $55.88B, coming in 6% above what the calendar implied for a Monday session. Investment grade volume stood at $38.06B, while high yield was $17.82B, with a slight concentration of activity noted by 1% fewer issues trading at 5% below their usual size. Credit ETF turnover was robust at $8.17B, accounting for 15% of cash trading, and high yield spread volatility remained elevated at 105 bps (as of October 16).

Compared to recent sessions

Today's session continued the recent theme of bifurcated credit market performance, with ongoing stress in the high-yield segment and widening spreads, echoing concerns from the past week regarding riskier credits. The "rising star" upgrades provided a contrasting positive development in the investment-grade space, breaking from the prior focus on deteriorating credit quality in some sectors. The Tradeweb acquisition introduces a new corporate event driver not seen in recent daily summaries.

Bottom line

Credit market activity exceeded calendar expectations for a Monday, largely influenced by significant rating upgrades and a notable M&A announcement, yet underlying stress persisted in the high-yield segment with sharply widening spreads indicating continued caution towards riskier credits.

News summary

• Bank of America priced an $8 billion investment-grade bond offering across four tranches, marking a significant primary market event and the third major bank deal this week.
• An "AI borrowing-related credit scare" persisted, pushing tech default insurance costs to record highs amid mounting concerns for heavily indebted data center operators like CoreWeave.
• Regional banks reported solid third-quarter loan growth and improving credit quality, contributing to signs of a resilient U.S. economy despite rising borrowing costs.
• Fitch Ratings upgraded PEX Holdings, LLC and Ellis Aggregator UK LP to 'BB+' from 'BB', while KKR announced a debt-funded buyout of Gen II (Mojave Parent Inc.) for approximately $5.1 billion.
• Cumulus Media emerged from Chapter 11 bankruptcy, following the cancellation of its common shares, while Maya Bakersfield Cinemas, LLC filed for Chapter 11 protection.

Volume take

• Total trading volume reached $52.65 billion, coming in 15% above what the calendar implied for a Friday session, primarily boosted by Bank of America's $8 billion investment-grade bond issuance.
• Investment grade volume was $33.55 billion across 11,374 issues, while high yield volume was $19.10 billion across 3,572 issues. The session was slightly more concentrated, with 1% fewer issues trading at 10% below their usual size.
• Credit ETF turnover was $12.47 billion, representing 24% of cash trading, with high yield ETFs notably higher at 38% of cash, up 8.10% over its 20-day average. Credit futures volume remained depressed at $125 million, or 0.24% of cash.

Compared to recent sessions

• The "AI borrowing-related credit scare" continued to be a dominant theme, consistent with recent high-yield AI bond market stress and elevated volatility observed in prior sessions.
• Investment-grade spreads remained tight at 85 basis points, diverging from high yield's persistent pressure and demonstrating continued resilience in the higher-quality segment.
• High yield spread volatility, at 105 basis points, continued to reflect persistent unease, aligning with the significant increase over 20 days noted previously.

Bottom line

The session's trading volume exceeded calendar expectations, largely influenced by robust investment-grade new issuance, particularly Bank of America's offering, which absorbed liquidity. Concurrently, an ongoing AI-related credit scare maintained pressure in the high-yield sector, contrasting with resilient investment-grade performance.

News summary

• CoreWeave's AI bonds tumbled, with yields climbing to over 15%, raising red flags about debt levels in the AI infrastructure market and sparking broader high-yield stress.
• Fitch Ratings revised New Mountain Finance Corporation's outlook from Stable to Negative during a peer review of U.S. business development companies, citing increased credit pressure and a challenging economic environment.
• California Water Service Group announced the pricing of approximately $275 million in senior unsecured notes and first mortgage bonds, although the corporate bond primary market was otherwise quiet.
• Blackstone completed its acquisition of a majority stake in Flow Control Holdings, a manufacturer of liquid cooling components for data centers, signaling continued investment in AI infrastructure.

Volume take

• The session traded 17% above what the calendar implied, suggesting unexpected activity beyond typical Thursday volumes, despite implied stable spread volatility.
• Total trading volume reached $73.30 billion, with Investment Grade at $51.79 billion and High Yield at $21.51 billion, a broad session with 5% more issues trading at 18% above their usual size.
• Both IG and HY spreads widened, with IG at 84 bps (up 2.1 bps over 20 days) and HY at 323 bps (up 21.6 bps over 20 days), accompanied by substantial increases in spread volatility for both segments.
• Credit ETF turnover remained robust at 22% of cash, with high-yield ETFs notably active at 35% of cash, indicating investors actively managed credit risk exposures without touching the bonds.

Compared to recent sessions

• The tumbling of CoreWeave's AI bonds continues the recent theme of stress and widening spreads within the high-yield AI bond market, echoing concerns seen on October 14 and October 13.
• The widening of both IG and HY spreads, along with increased volatility, extends the trend of heightened credit risk concerns and broader bond market selloffs noted in early October.
• The September fund outflows from both IG (-$4.00B) and HY (-$5.00B) further underscore a cautious investor sentiment that has persisted into the current session.

Bottom line

The unexpected surge in trading volume and significant widening of high-yield spreads were primarily driven by acute concerns over distressed AI-related credits like CoreWeave, which amplified broader market anxiety stemming from persistent inflation fears.

News summary

• Hotter-than-expected US CPI data for September intensified inflation concerns and increased the market-implied probability of an October Fed rate hike, contributing to rising Treasury yields.
• Significant stress emerged in the high-yield AI bond market, with CoreWeave's bonds tumbling and yields climbing to 15%, raising broader market red flags for debt-funded AI growth.
• Fitch assigned a first-time 'BB-' Issuer Default Rating to Turbo Global, L.P. and its affiliates, citing an elevated, debt-funded capital structure following a $4.3 billion CBIZ acquisition. Additionally, FF EAI Robotics Ecosystem signed definitive agreements to acquire Faraday Future Intelligent Electric Inc.'s robotics business for approximately $200 million in an all-stock transaction.

Volume take

• Total corporate credit trading volume reached $67.45 billion, trading 9% above what the calendar implied for a Wednesday, indicating robust market engagement.
• High yield spreads widened by 26.2 basis points over 20 days to 325 bps, accompanied by elevated high yield spread volatility of 104 bps, reflecting increased risk aversion in the sector.
• Credit ETF turnover constituted 20% of cash trading, with high yield ETFs notably active at 28% of high yield cash volume, suggesting investors actively managed credit risk via ETFs.

Compared to recent sessions

• The session's elevated high yield spread volatility of 104 bps continues a recent trend of surging volatility observed in prior sessions, including 105 bps on October 13.
• Rising inflation concerns and the increased probability of a Fed rate hike persist as key macro drivers, directly aligning with themes from earlier runs this month.
• The specific stress within the high-yield AI bond market, particularly concerning CoreWeave, represents a new, concentrated sectoral pressure contributing to market caution.

Bottom line

The session's elevated trading volume and heightened high-yield spread volatility were primarily driven by broad-based inflation concerns pushing up rates, coupled with specific investor apprehension in the high-yield AI bond sector and notable corporate M&A and rating actions.

News summary

• High yield spread volatility surged to 105 basis points, marking a significant 29.7 basis point increase over 20 days, influencing broader market activity.
• Getty Images Holdings Inc. announced plans to file for Chapter 11 bankruptcy protection to return to private ownership, backed by Koch Equity Development and Getty family members investing up to $533 million.
• Character Technologies, Inc. (dba Character.AI) also filed for Chapter 11 bankruptcy, citing significant legal and operational pressures, with Disney reportedly making a $20 million opening bid for certain intellectual property rights.
• Debt-funded acquisitions were announced, including Cardinal Infrastructure Group's $357.5 million acquisition of Hughes Brothers Construction, Inc., and Atlantic Ridge Capital LLC's approximately $900 million acquisition of Paragon Films Inc..

Volume take

• Despite being next to a market holiday, which implied a 30% reduction, corporate bond trading volume significantly exceeded expectations, coming in 55% above the calendar implied level.
• The session was broad, with 10% more issues trading than usual, and overall volume reached $64.33 billion, comprising $42.22 billion in investment grade and $22.11 billion in high yield.
• Credit ETF turnover remained substantial at 17% of cash trading, with high yield ETFs notably higher at 26% of cash, suggesting investors utilized ETFs to manage credit risk.

Compared to recent sessions

• The market continued to grapple with the theme of climbing investment-grade corporate bond yields and rising global sovereign yields, aligning with the persistent global bond selloff observed in prior sessions.
• Specific corporate distress continued as Getty Images and Character Technologies filed for bankruptcy, echoing the Chapter 11 filings seen earlier in the week.
• Today's quiet primary market with no new issues broke from recent sessions that saw significant debt financings, including large M&A-related packages.

Bottom line

The unexpectedly high trading volume, despite holiday proximity, was primarily driven by significant corporate distress events, debt-funded M&A announcements, and ongoing macro concerns around rising yields, rather than new issue supply.

News summary

• A persistent global bond selloff, driven by concerns over government debt levels and lingering inflation fears, continued to push investors toward safer assets, with the US 10-year Treasury yield climbing to a 24-1/2-year high of 5.3645%.
• AM Best affirmed Palomar Casualty and Surety Company’s Financial Strength Rating of A- (Excellent) and its Long-Term Issuer Credit Rating of “a-” (Excellent), maintaining a positive outlook on the ratings.
• A Cornerstone Research report indicated that large corporate bankruptcy filings, including those involving STG Logistics, QVC Group, Saks Global, and Spirit Airlines, declined over the 12 months ending June 2026 but remained above the historical average.
• U.S. investment-grade bond funds attracted $5.04 billion in inflows in the week ending October 7, contributing to a record $19.78 billion into overall U.S. bond funds, as investors sought havens amid market turbulence.

Volume take

• U.S. corporate credit trading activity was largely in line with calendar expectations for a Friday, coming in only 1% below the implied run rate.
• Investment grade volume accounted for $31.36 billion (72% of total), while high yield trading reached $11.91 billion (28% of total), indicating a relatively higher proportion of IG trading.
• Credit ETF turnover stood at $9.39 billion (22% of cash trading), with credit futures volume at a modest $245 million (0.57% of cash), suggesting limited use of derivatives relative to cash bond transactions. The session was broadly distributed across issues, though individual trade sizes were 26% below usual.

Compared to recent sessions

• The market continued to reflect themes from earlier in the month, with ongoing global bond market pressures contributing to wider spreads, particularly in high yield where spreads widened by 18.9 basis points over 20 days.
• Despite the broader cautious sentiment, investment-grade bond funds maintained strong inflows, echoing a consistent demand for higher-rated credit seen in previous weeks.
• The overall trading environment, while quieter on this Friday, maintained the elevated spread volatility observed in early October, suggesting sustained uncertainty in credit markets.

Bottom line

The session's trading volume aligned closely with expectations for a Friday, but the underlying sentiment remained cautious due to persistent global bond market instability and widening credit spreads, despite continued positive fund flows into investment-grade assets.

News summary

• A quiet primary market saw H.B. Fuller price an $850 million high-yield debt offering, contributing to a sparse new issue calendar for the session.
• True Food Kitchen and MK Phoenix Airport LLC both filed for Chapter 11 bankruptcy on the session, indicating specific corporate distress.
• U.S. corporate credit markets were marked by caution, driven by surging oil prices, persistent inflation fears, and rising Treasury yields, which pushed yields higher for a second consecutive session.

Volume take

• Corporate bond trading volume came in 6% below what the calendar implied for a Thursday session.
• The session was broad, with 8% more issues trading than usual, at 10% below the usual size each, reflecting dispersed activity rather than concentrated deal flow. Investment grade volume was $41.60 billion and high yield was $16.00 billion.
• High yield credit ETF turnover was notably high at 30% of cash trading, suggesting investors preferred to trade credit risk through ETFs without touching the physical bonds.

Compared to recent sessions

• The session continued the recent theme of heightened caution in corporate credit markets due to rising interest rates and inflation, which had previously driven Treasury yields higher earlier in the week.
• High yield spread volatility, which had already seen a significant spike on October 6, surged further to 107 basis points, indicating persistent risk aversion in the lower-rated segment.
• The quiet primary market with only two small deals represented a break from the larger new issue activity seen in prior sessions this month.

Bottom line

Persistent inflation fears, rising rates, and specific corporate distress from bankruptcies likely suppressed trading activity below expectations and drove the significant surge in high yield spread volatility.

News summary

• U.S. Treasury yields surged on October 7, with the 10-year note climbing above 5.35% and the 30-year bond reaching 5.70%, marking multi-decade highs and consequently increasing corporate borrowing costs.
• This significant bond sell-off was influenced by several factors, including elevated energy prices, the Federal Open Market Committee's September rate hike, a projected $1.9 trillion federal deficit, and an estimated $489 billion in AI-related debt issuance, which collided with weak demand for government debt.
• Despite a strong 10-year Treasury auction providing some relief, long-dated U.S. yields largely remained at 24-year highs, affecting overall market sentiment for corporate credit.

Volume take

• Total corporate credit volume was heavy, reaching $62.61 billion, consistent with market commentary citing active trading conditions for the session.
• Investment grade volume accounted for $45.01 billion across 11,967 issues, with spreads tightening to 82.0 basis points, while high yield volume was $17.60 billion across 3,990 issues, experiencing a widening of spreads to 309 basis points.
• Credit ETF turnover was robust at 18% of cash trading, with high yield ETFs comprising 33% of cash, indicating significant investor activity in trading credit risk without direct bond transactions. Credit futures volume also showed a substantial 67.25% increase over the 20-day average, signaling heightened hedging or speculative interest.

Compared to recent sessions

• The widening of high yield spreads and the continued high volatility in the high yield market, with spread volatility at 106 basis points, extended a theme of stress observed in the previous session where high yield volatility spiked.
• The upward pressure on corporate borrowing costs due to climbing Treasury yields continued from October 6, when a sharp sell-off in U.S. Treasuries similarly elevated financing expenses for companies.

Bottom line

The session's heavy trading activity and the divergence in credit spreads were primarily driven by a broad surge in Treasury yields, significantly increasing corporate borrowing costs and particularly impacting the high-yield sector.

News summary

• Corporate credit spread volatility surged, with high yield volatility spiking 42.0 basis points over 20 days, driven by a sharp sell-off in U.S. Treasuries that elevated corporate borrowing costs, particularly for lower-rated firms.
• Paramount-Skydance finalized its $110 billion acquisition of Warner Bros. Discovery and completed a substantial $52 billion debt offering, noting stronger investor demand for shorter-dated two-year notes compared to 30-year bonds, reflecting a broader aversion to long-duration exposure.
• H.B. Fuller Company issued $950 million in new senior unsecured notes to finance its acquisition of Advanced Medical Solutions Group plc, a move that prompted Fitch Ratings to assign a 'BB' rating with a Stable Outlook to the new notes.
• Both investment grade and high yield bond funds experienced outflows, with investment grade shedding $1.17 billion for the week ending September 23 and high yield funds seeing $1.30 billion in outflows for September, indicative of a cautious investor environment.

Volume take

• Total corporate bond trading volume reached $65.79 billion, landing close to the calendar-implied recent average session volume.
• Investment grade trading was $44.84 billion across 12,383 issues, while high yield volume totaled $20.94 billion across 3,878 issues, against a backdrop of widening overall spreads, with investment grade spreads up 2.3 bps and high yield up 17.4 bps over 20 days, reflecting the impact of higher Treasury yields.
• Credit ETF turnover remained active at $9.79 billion, representing 15% of cash trading, with high yield ETFs notably higher at 22% of cash, suggesting continued investor use of liquid instruments for credit risk management.

Compared to recent sessions

• The significant debt offering by Paramount-Skydance for its acquisition continued to be a dominant factor shaping primary and secondary market activity, extending a theme from the previous week's sessions.
• The sustained negative fund flows in both investment grade and high yield continue a recent trend of investor caution and potential reallocation.

Bottom line

Elevated spread volatility and rising borrowing costs stemming from the Treasury sell-off were key drivers, partially offset by robust demand for large corporate debt offerings in shorter tenors and a persistent underlying appetite for high-yield credit.

News summary

• Paramount Skydance Corporation priced a significant US$52 billion debt package, including US$30 billion investment-grade and US$12.4 billion high-yield bonds, to finance its acquisition of Warner Bros. Discovery.
• Fitch Ratings downgraded Paramount Skydance Corporation and Paramount Global's Long-Term Issuer Default Ratings to 'BB' from 'BB+', citing materially higher leverage post-acquisition.
• American Hospitality Properties REIT, Inc. and FRC Balance, LLC (True Food Kitchen) both filed for Chapter 11 bankruptcy due to alleged mismanagement and operational challenges, respectively, with True Food Kitchen closing 12 restaurants.
• Dish DBS, an EchoStar subsidiary, emerged from Chapter 11 bankruptcy after successfully shedding approximately $4.35 billion in outstanding debt.

Volume take

• Total trading volume of $62.11 billion landed slightly below the recent average daily level of $64.55 billion, but a substantial portion was driven by the integration of the $52 billion Paramount debt issuance into the market.
• Investment grade volume accounted for $44.90 billion, representing a significant majority of total activity and reflecting the large investment grade component of the Paramount financing.
• Investment grade spread volatility increased by 4.9 basis points over the last 20 days, and credit ETF turnover remained robust at 17% of cash bond trading, indicating active risk transfer without direct bond trading.

Compared to recent sessions

• The significant impact of the Paramount/Warner Bros. Discovery acquisition, including large-scale debt issuance and related rating actions, continues to be a dominant theme, consistent with activity observed in prior sessions.
• Ongoing credit stress in certain sectors is evident through recurring bankruptcy filings, a trend seen in recent daily summaries.

Bottom line

The session's corporate bond trading activity was primarily shaped by the market digestion of the massive Paramount debt offering for its acquisition, alongside related credit downgrades and notable bankruptcy filings, leading to increased investment grade spread volatility.

News summary

• Softer September jobs data eased Federal Reserve rate hike fears, leading to a dip in Treasury yields and reduced market expectations for an October rate increase, as the U.S. economy added only 29,000 jobs, far below forecasts.
• Integra LifeSciences launched a proposed $600 million seven-year Senior Secured Term Loan B as part of a refinancing effort to extend maturities and maintain financial flexibility.
• Multiple companies filed for Chapter 11 bankruptcy protection, including Veria Lifestyle Inc. (dba YO1 Longevity & Health Resorts) citing distress from its 2019 commercial launch timing, Leslie's, Inc. with plans to close 76 stores and reduce debt, and Southwest Surgery and Wound Care Physicians, P.A. (dba Southwest Foot & Ankle Center).

Volume take

• The typical "Friday effect" led to a quieter session in the corporate bond market, with total volume at $55.99 billion, approximately 18.5% below the recent non-month-end daily average.
• Investment Grade volume stood at $38.03 billion across 11,906 issues, while High Yield contributed $17.96 billion across 3,479 issues. Both IG and HY option-adjusted spreads widened over the past 20 days, by 4.5 bps and 28.4 bps respectively, alongside significant increases in spread volatility.
• Credit ETF turnover remained active at $15.79 billion (28% of cash volume), with High Yield ETFs seeing a high ratio to cash at 43%, indicating continued investor use of ETFs for credit risk exposure. Credit futures volume reached $998 million, or 1.8% of cash, showing substantial 20-day growth in both IG and HY futures trading.

Compared to recent sessions

• Today's subdued volume and wider spreads mark a shift from the previous sessions in late September and early October, which were dominated by heavy new issue supply, particularly large M&A-driven debt offerings from companies like Paramount.
• The notable increase in spread volatility, especially in the high yield segment, breaks from a recent theme of spread tightening often seen with strong demand for new issues.
• The cluster of bankruptcy filings signals a heightened focus on distressed credit compared to the prior emphasis on growth-driven debt and acquisition financing.

Bottom line

The market reacted to softer September jobs data and persistent inflation concerns with wider credit spreads and increased volatility, while multiple bankruptcy filings added to a cautious tone, overshadowing the Integra LifeSciences term loan and contributing to lower trading volume on a typically quiet Friday.

News summary

• AI-related debt issuance continues to be a significant theme in corporate bond markets, with estimates for global AI-related debt in 2026 ranging from $300 billion to $570 billion, and US leveraged finance AI-related borrowing surging to $88 billion this year. This has notably contributed to the technology sector's growth within the Bloomberg U.S. Corporate Index.
• US Treasury yields, including the 10-year and 30-year, reached multi-decade highs on October 1, 2026, driven by persistent inflation concerns, robust US economic data, and a global bond sell-off.
• The surge in Treasury yields contributed to a widening of corporate credit spreads, particularly in high yield, as investors demanded higher premiums for riskier assets. Both investment grade and high yield spread volatility also increased notably, with HY volatility up 24.9 bps over 20 days.

Volume take

• Total corporate bond trading volume reached $77.28 billion, approximately 14% above a recent non-month-end average, aligning with typical first-of-month activity following the prior day's month-end rebalancing.
• Investment grade volume accounted for $46.54 billion across 12,720 issues, while high yield volume was substantial at $30.74 billion from 3,676 issues.
• Credit ETF turnover remained robust at $20.69 billion (27% of cash trading), with high yield ETFs particularly active at 39% of HY cash volume, marking a significant increase over both 20-day (+106.90%) and 200-day (+166.72%) averages.

Compared to recent sessions

• Today's session saw a shift from the dominant influence of large, M&A-driven new issue calendars, such as the Paramount Skydance offerings, that characterized the end of September.
• The continued widening of credit spreads and heightened volatility, especially in high yield, extends a recent theme of market pressure stemming from rising Treasury yields and macroeconomic concerns.

Bottom line

The session's trading activity was primarily driven by investor adjustments to widening credit spreads amidst surging Treasury yields and the growing footprint of AI-related debt, with robust high yield ETF turnover reflecting active risk management in a volatile environment.

News summary

• Paramount Global launched a substantial $30 billion investment-grade bond offering to finance its acquisition of Warner Bros. Discovery, with strong investor demand contributing to tightening spreads on the deal.
• Leslie's, Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas, citing industry contraction and economic headwinds.
• Creditors initiated an involuntary Chapter 7 bankruptcy against Lurin Capital founder Jon Venetos, seeking liquidation of his assets due to over $33.7 million in judgments from defaulted loans.
• Market reporting indicated heightened scrutiny and subdued risk appetite in the U.S. corporate credit market, particularly for AI-related borrowers, as lenders demand more compensation for less proven earnings.

Volume take

• Month-end index rebalancing drove total TRACE volume to $101.94 billion, representing a significant 51.6% increase above the recent daily average and largely aligning with calendar expectations for a month-end session.
• Investment grade volume reached $68.65 billion across 13,529 issues, while high yield activity was $33.29 billion across 4,056 issues, indicating a broad and active session across both credit segments.
• Credit ETF turnover remained elevated at $19.35 billion, or 19% of cash volume, with high yield ETFs notably at 26% of cash, suggesting continued investor preference for liquid instruments for credit risk exposure.

Compared to recent sessions

• The large Paramount Global bond issuance continued the recent trend of significant corporate financing activity, following previous days' discussions of its debt offering.
• Today's heavy TRACE volume, primarily due to month-end, broke from the lighter trading seen in some earlier sessions this week, demonstrating the predictable impact of calendar-driven events.
• The sustained high ratio of credit ETF turnover to cash trading reflects a continued theme of investors using ETFs to manage credit exposure, a trend that has been increasing over recent periods.

Bottom line

The substantially heavier trading volume was primarily driven by month-end index rebalancing and significant new issue supply from Paramount Global, with corporate distress events adding to the credit narrative.

News summary

• Paramount Skydance launched an approximate $44 billion debt offering, including $32 billion in investment grade and $12 billion in high-yield notes, to finance its acquisition of Warner Bros. Discovery, dominating the day's corporate bond market activity.
• Fitch downgraded Talen Energy Supply, LLC to 'B+' from 'BB-‌', maintaining a Stable Outlook, following the company's decision to monetize PJM capacity revenue for accelerated share repurchases, which will keep leverage elevated.
• Brightline's parent companies filed for Chapter 11 bankruptcy to restructure debt, securing $490 million in new financing, though the operating entity, Brightline Trains Florida LLC, was not part of the filing.
• Long-dated US Treasury yields continued to climb, contributing to a broad selloff in corporate bonds across both investment grade and high yield segments throughout September.

Volume take

• Total corporate TRACE volume surged to $79.07 billion, significantly higher than its recent run rate of approximately $64.89 billion, largely propelled by the heavy investment grade new issue calendar, particularly the Paramount Skydance deal.
• Investment grade volume increased substantially to $59.35 billion, while high yield volume was $19.72 billion.
• High-yield option-adjusted spreads widened to 308 basis points, reflecting heightened risk aversion. High yield ETF turnover reached $15.03 billion, representing a high 76% of cash trading for the segment.

Compared to recent sessions

• The session extended the recent trend of heavy primary market activity driving elevated TRACE volumes, particularly in investment grade, a theme also observed in late September with other large bond offerings.
• The persistent upward pressure on Treasury yields and the subsequent corporate bond selloff continued from earlier September, reinforcing a broader market theme of rising rates.
• Today's widening high-yield spreads suggest a continuation of the risk-off sentiment that has impacted the high-yield market in recent sessions.

Bottom line

The U.S. corporate credit market experienced robust trading volumes, primarily driven by the substantial new issue supply from Paramount Skydance, set against a backdrop of continuing pressures from rising Treasury yields which impacted credit risk appetite.

News summary

• The high-yield new issue market was exceptionally heavy, with SoftBank Group Corp.'s $10 billion bond offering highlighting September issuance to a year-high, contributing to market indigestion amidst rising Treasury yields.
• Paramount Skydance Corporation announced a massive $44.4 billion financing plan involving investment-grade and high-yield notes for its proposed acquisition of Warner Bros. Discovery, further testing market absorption capacity.
• Fitch assigned new ratings to Paramount Skydance Corporation's first and second-lien notes and affirmed Calabrio Holdings, Inc.'s Long-Term IDR at 'B', while Moody's changed VNET Group, Inc.'s outlook to positive and assigned new ratings to McGraw Hill.
• Investment grade bond funds recorded inflows of $1.79 billion for the week ended September 23.

Volume take

• Total corporate trading volume rose slightly above its recent run rate to $65.02 billion, with investment grade contributing $47.18 billion and high yield $17.84 billion.
• Surging high-yield issuance and market indigestion caused the high-yield spread to widen by 29.9 basis points over 20 days to 302 basis points, while the investment grade spread also widened by 3.3 basis points to 83.0 basis points over the same period.
• Credit ETF turnover remained elevated, notably in high yield, where $9.42 billion traded, representing 53% of cash trading volume and significantly higher than its 20-day average.

Compared to recent sessions

• Today's heavy high-yield new issue calendar and the resulting market indigestion continue a theme observed in recent sessions, with significant supply putting pressure on credit spreads.
• The widening of credit spreads, particularly in high yield, extends a trend of market strain as investors grapple with increased issuance and rising Treasury yields.

Bottom line

The significant volume of high-yield new issuance, led by SoftBank and the announced Paramount Skydance financing plan, tested market absorption capacity, driving both investment grade and high yield spreads wider despite overall trading volume being only slightly above average.

News summary

• A significant global bond selloff continued, driving US long-dated Treasury yields to multi-decade highs on September 25 amid persistent inflation concerns, resilient economic growth, and increased government spending.
• The bond market turbulence was partly fueled by robust US business activity data and a weak US Treasury auction earlier in the week, pushing yields to levels not seen in two decades.
• Despite the broader market selloff, investment-grade credit funds received $1.79 billion in inflows for the week ended September 23.

Volume take

• Total corporate credit trading volume decreased to $52.55 billion, falling below its recent run rate of approximately $63.93 billion, indicating more cautious activity in the session.
• Both high yield and investment grade trading activity were notably lighter, with high yield volume at $14.08 billion and investment grade at $38.47 billion, a significant reduction from recent heavy sessions.
• Credit ETF turnover remained high relative to cash trading at 28% of total cash volume, with high yield ETFs showing a particularly elevated ratio of 45% of cash, suggesting investors continued to use ETFs to transfer credit risk.

Compared to recent sessions

• Today's lighter overall TRACE volume marks a break from the heavier trading observed earlier in the week, aligning more with the subdued activity seen on September 18 and 21.
• The ongoing global bond selloff and the resulting widening of credit spreads, with investment grade at 81.0 bps and high yield at 293 bps, reflect a persistent theme of macro drivers impacting credit risk appetite.
• The elevated ETF-to-cash trading ratio continues to highlight investors' use of exchange-traded funds for credit risk exposure without direct bond trading, a trend noted in prior periods of market uncertainty.

Bottom line

The session saw reduced corporate bond trading, especially in high yield, as a sharp global bond selloff driven by robust US economic data and weak Treasury auctions dampened risk appetite. Despite positive investment-grade fund flows, the market remained cautious, favoring ETF trading for credit risk exposure amidst widening spreads.

News summary

• The high-yield new issue market was notably heavy, led by SoftBank's record $10 billion bond sale, contributing to increased secondary market activity. (source)
• Fitch assigned an expected 'BBB-(EXP)'/'RR1' rating to Paramount Skydance's first-lien term loan, with an Outlook Watch Negative for its IDR, tied to the proposed debt-funded acquisition of Warner Bros. Discovery. (source)
• Fitch placed Finastra Limited's senior secured credit facilities on Rating Watch Evolving due to uncertainty over debt repayment following a Universal Banking sale. (source)
• HouseCanary and Gundlach Bundschu both initiated Chapter 11 bankruptcy proceedings. (source)

Volume take

• Total TRACE volume of $69.52 billion was heavier than its recent run rate of approximately $65.02 billion, primarily driven by robust high-yield activity.
• High-yield turnover was significantly heavier at $22.41 billion compared to its recent average of $18.47 billion, while investment-grade volume was slightly heavier at $47.11 billion against its recent average of $46.55 billion.
• High-yield option-adjusted spreads widened by 11.5 bps on a 20-day basis to 280 bps, reflecting increased risk aversion.
• Credit ETF turnover was notably high at 23% of cash trading, with high-yield ETFs seeing particularly elevated activity at 35% of cash, an unusually high ratio relative to recent averages, indicating investors actively traded credit risk without touching the underlying bonds.

Compared to recent sessions

• Total corporate trading volume remained heavy, continuing the theme from the previous two sessions (September 23rd and 22nd).
• The significant increase in high-yield volume and the widening of high-yield spreads further extended a trend observed in recent days.

Bottom line

The heavy high-yield issuance, particularly SoftBank's large deal, likely absorbed significant liquidity and contributed to the elevated HY trading volume and wider spreads, as investors managed risk in the face of new supply and corporate event-driven concerns.

OVERVIEW: Total TRACE volume was heavy, driven by significantly increased high yield activity and heavier investment grade, with IG spreads tightening while HY spreads widened.

WHAT DROVE IT

• Total TRACE volume of $72.69 billion was heavier than its recent run rate, breaking a recent trend of lighter activity.
• The primary market saw a heavy high yield calendar with four deals totaling $11.1 billion, notably SoftBank's $10 billion offering.
• Investment grade volume was $50.13 billion, up from recent levels, and its spreads tightened by 2.5 basis points over 20 days to 77.0 basis points.
• High yield volume was significantly heavier at $22.56 billion, and its spreads widened by 5.4 basis points over 20 days to 273 basis points.
• Credit ETF turnover was unusually high across both segments, with high yield ETF volume up over 70% against its 20-day average, indicating investors traded risk without touching bonds.
• Macroeconomic news highlighted a tight labor market and persistent inflation, while falling oil prices eased inflation anxiety and supported bond markets.

BOTTOM LINE: With a substantial high yield calendar driving today's heavy volume and mixed spread action, participants should monitor new issue supply and macroeconomic releases tomorrow.

OVERVIEW: Total TRACE volume was slightly heavier, driven by significantly increased high yield activity and slightly lower investment grade, while IG spreads tightened and HY spreads widened.

WHAT DROVE IT

• Total TRACE volume of $64.66 billion was slightly heavier than its recent run rate, breaking a recent trend of subdued activity.
• The primary market saw heavy investment grade issuance of approximately $10.8 billion, led by a large Sysco deal, likely absorbing secondary liquidity.
• High yield volume significantly increased to $20.57 billion, while investment grade volume was lighter at $44.09 billion compared to the prior session.
• IG spreads tightened to 77.0 bps, while HY spreads marginally widened to 268 bps, reflecting differing sentiment amid easing Treasury yields.
• Credit ETF turnover was lighter at $8.10 billion, signaling reduced risk trading via ETFs relative to cash.
• Lower oil prices and easing bond yields supported broader market sentiment, though caution surrounded AI-related debt.

BOTTOM LINE: The diverging performance between investment grade and high yield, alongside heavy IG new issuance, suggests a nuanced credit market with potential technical factors influencing high yield.

OVERVIEW: Total TRACE volume was light, continuing a recent trend of subdued activity, driven by slightly heavier investment grade and significantly lighter high yield trading, with spreads data not yet published.

WHAT DROVE IT

• Total TRACE volume of $61.25 billion was lighter against its recent run rate, indicating a more subdued secondary market session.
• New issue supply for the session is not yet published, making primary market impact on secondary volume unclear.
• Investment grade volume was slightly heavier at $47.82 billion, while high yield was significantly lighter at $13.43 billion.
• ICE BofA option-adjusted spreads for the session are not yet published, precluding a direct assessment of spread movements.
• Credit ETF turnover was $8.88 billion, with high yield ETF activity at 30% of cash, potentially signaling risk trading via ETFs.
• A hawkish Federal Reserve, hotter economic data, and news of SoftBank's large speculative-grade bond offering shaped market sentiment.

BOTTOM LINE: Given lighter volume and uncertain new issuance, traders should monitor primary market supply and broader macroeconomic signals tomorrow.

OVERVIEW: Total TRACE volume was light, driven by reduced investment grade and high yield activity, with IG spreads tightening while high yield spreads widened.

WHAT DROVE IT

• Total TRACE volume was light at $51.54 billion, well below its recent run rate, indicating subdued secondary market activity.
• The primary market saw light investment grade supply of $1.5 billion, including RWE's green bond, which did not account for the reduced secondary volume.
• Investment grade spreads tightened by 3.0 bps over 20 days to 77.0 bps, while high yield spreads widened by 0.4 bps over 20 days to 268 bps.
• Credit ETF turnover was notably higher for investment grade relative to cash trading, suggesting some risk transfer via ETFs.
• A Federal Reserve rate hike, raising the federal funds rate to 3.75%-4.00%, and elevated bond yields contributed to expensive debt financing.

BOTTOM LINE: Given the light calendar and higher rate environment, expect continued moderate trading activity tomorrow.

OVERVIEW: Total TRACE volume was heavy, driven by investment grade activity, which saw spreads tighten while high yield spreads widened.

WHAT DROVE IT

• Total TRACE volume was heavy at $74.94 billion, exceeding its recent run rate, primarily driven by robust investment grade activity.
• The primary market saw substantial investment grade issuance, with $13.3 billion priced, notably Citigroup's $12 billion deal, which absorbed secondary flow.
• Investment grade volume reached $54.46 billion, significantly outpacing high yield at $20.48 billion, reflecting divergent investor appetite.
• Investment grade spreads tightened by 2.2 bps to 78.0 bps, while high yield spreads widened by 2.3 bps to 270 bps.
• Credit ETF turnover was robust at $9.74 billion, 13% of cash volume and up from its 20-day average; credit futures data for this session is not yet available.
• The market absorbed heavy IG new issuance well, indicating favorable credit conditions despite the Federal Reserve's recent interest rate hike.

BOTTOM LINE: Expect moderately lighter activity tomorrow, as model estimates suggest volume will decrease to $46.53 billion for the session.

OVERVIEW

Total TRACE volume was above its recent run rate, driven by investment grade, while high yield activity was slightly lighter, with IG spreads tightening and HY spreads widening.

WHAT DROVE IT

• Total TRACE volume was heavy at $67.57 billion, exceeding its recent run rate, with investment grade driving the increase while high yield was slightly lighter.
• The primary market priced approximately $2.5 billion in IG deals, notably Stellantis's dual-tranche bond sale, but HY supply was unreported.
• IG spreads tightened to 78.0 bps, while HY spreads widened to 270 bps, indicating diverging credit performance.
• Credit ETF turnover was notably high at 19% of cash, suggesting increased investor preference for ETF-based risk trading.
• The Federal Reserve raised its benchmark interest rate by a quarter-point to 3.75-4.00%, influencing overall market sentiment.

Bottom line

The credit market showed diverging sentiment between IG and HY, with heightened ETF usage for risk expression, against a backdrop of monetary tightening.

OVERVIEW: The corporate credit market saw heavy trading volume, particularly in investment grade, with spreads diverging as IG tightened and high yield widened.

WHAT DROVE IT

• Total TRACE volume was heavy at $75.68 billion, significantly above the recent run rate, indicating robust secondary market activity.
• New issue supply was light with only $650 million from two high yield CLO deals, suggesting secondary trading drove the session, not new issuance.
• Investment grade volume was $52.52 billion, while high yield saw $23.16 billion, with high yield significantly widening by 7.9 bps while investment grade tightened by 0.5 bps.
• Credit ETF turnover was notably high at $10.45 billion, with high yield ETF volume up 29.21% versus its 20-day average, suggesting active risk management via ETFs.
• Credit futures activity was unusually light, with total volume at $98.48 million, down 82.95% from its 20-day average, contrasting with the elevated ETF trading.
• News reports indicated limited corporate news or major macroeconomic releases, suggesting the moves were more technical given the light primary calendar.

BOTTOM LINE: The strong secondary volume and divergent spread action suggest selective risk-taking, with investors favouring investment grade while exercising caution in high yield.

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1. "US corporate credit market news September 15 2026"
2. "US bond market activity September 15 2026"
3. "New issuance corporate bonds September 15 2026"
4. "Interest rate movements September 15 2026"
5. "Credit events September 15 2026"
6. "Macroeconomic releases September 15 2026 US"
7. "Why did US high yield spreads widen September 15 2026"
8. "Why did US investment grade spreads tighten September 15 2026"OVERVIEW: The corporate credit market experienced heavy trading volume, particularly in investment grade, with spreads diverging as IG tightened while high yield significantly widened amidst rising Treasury yields.

WHAT DROVE IT

• Total TRACE volume was heavy at $75.68 billion, significantly above the recent run rate, indicating robust secondary market activity.
• New issue supply was light, with nVent Electric pricing $800 million of senior notes and RR 14 LTD pricing a $650 million CLO reset, which did not fully explain the heavy secondary volume.
• Investment grade volume was $52.52 billion, while high yield saw $23.16 billion, with HY spreads widening 7.9 bps as IG tightened 0.5 bps.
• Credit ETF turnover was notably high at $10.45 billion, with high yield ETF volume up 29.21% versus its 20-day average, suggesting active risk management via ETFs.
• Treasury yields surged, with the 10-year breaking 5%, driven by inflation concerns, rising energy prices, and strong expectations for a Fed rate hike.
• The divergence in spreads, with HY widening, reflected increased caution towards riskier assets ahead of the FOMC meeting and due to higher borrowing costs.

BOTTOM LINE: The strong secondary volume, coupled with rising Treasury yields and diverging credit spreads, points to selective risk-taking, favoring IG while expressing concern over high yield.

The corporate credit market on September 14 experienced moderately lighter TRACE volume compared to recent activity, with a total of $52.74 billion changing hands amidst a broader bond market selloff and rising Treasury yields. Investment grade volume amounted to $37.51 billion, while high yield volume was $15.23 billion, reflecting a slightly higher proportion of high yield trading relative to total activity than the previous Friday. This session unfolded as the benchmark 10-year Treasury yield approached the 5% mark, driven by persistent selling, surging oil prices, and substantial government debt issuance. Expectations for a Federal Reserve rate hike this week had solidified to approximately an 85% probability following robust jobs data and inflation figures.

Despite Investment Grade spreads having tightened by 0.7 basis points over the past 20 days to 80.0 basis points as of September 11, and High Yield spreads tightening by 3.0 basis points over the same period to 265 basis points, news for the September 14 session indicated significant pressure on IG corporate bonds, which were reported to be breaking down through key support levels and closing on the low of the week. This suggests a challenging session for credit spreads, likely counteracting any recent tightening trends. The market also grappled with a reported record high U.S. Private Credit Default Rate of 6.3% for August.

Credit ETF activity was notably elevated, with total turnover reaching $10.33 billion, representing 20% of cash trading and a 20.02% increase over its 20-day average. High Yield ETFs, in particular, saw significant action at $4.67 billion, or 31% of high yield cash volume, marking a substantial 36.84% rise over their 20-day run rate and suggesting investors actively managed risk exposures through these liquid instruments. In contrast, High Yield futures volume was exceptionally low at $87.90 million, just 0.58% of cash, nearly halving its 20-day average. Investment Grade futures, however, were robust at $775 million, or 2.1% of cash, up 42.99% from its 20-day average. The environment was also characterized by several new corporate bond issuances, including PBF Energy's pricing of $500 million in exchangeable notes and Sixth Street Lending Partners' $750 million note offering, which likely absorbed some secondary market liquidity. A cautious outlook from the CEO of Bank of America regarding an expected pullback in investment banking fees due to higher borrowing costs further highlighted the challenging capital market conditions.