U.S. Corporate Bond Dealmaking Jumps Day After Fed Rate Cut
September 18, 2025 - In this Reuters article, Nick Elfner, Co-Head of Research, shares his perspective on credit markets following the Fed’s rate cuts.
Press Coverage
Below are recent news articles that feature Breckinridge perspectives and quotes from our experts.
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Credit Risk Gauge Edges Lower as Fed Resumes Easing Cycle
Bloomberg, September 17, 2025
A key measure of credit risk in the U.S. corporate bond market has edged lower minutes after the Federal Open Market Committee cut a benchmark interest rate for the first time this year, citing labor market weakness. Nick Elfner, Co-Head of Research, is quoted on the central bank’s recent move. (Subscription required).
Private Credit Funds Gather at High Grade Market
IFR, September 5, 2025
Nick Elfner, Co-Head of Research, is quoted in this IFR article on both the recent near record bond market activity, which helps demonstrates the strength of U.S. markets, and the importance of underwriting discipline for private credit funds. (Subscription required).
US Corporate Bond Spreads Sink to 27-Year Low as ‘FOMO’ Sets In
Bloomberg, August 15, 2025
A key measure of U.S. corporate-bond valuations surged to the highest level in nearly three decades as investors raced to lock in still-elevated yields amid speculation that the Federal Reserve will resume cutting interest rates next month. Nick Elfner, Co-Head of Research is quoted in a recent Bloomberg article. (Subscription required).
Elite Endowments to Tweak Allocations amid Trump Tax Hikes
FundFire, July 23, 2025
In this FundFire article, Adam Stern, Co-Head of Research, shares his perspective on the recent endowment tax hike and its potential implications for affected institutions. (Subscription required).
De-risking mood adds more demand for US corporate bonds
Reuters, July 22, 2025
Co-Head of Research, Nick Elfner, comments on the added demand for investment grade corporate bonds as the market has seen investors start to de-risk their equity portfolios. Read more in Reuters.
U.S. banks dial down bond sales ahead of capital relief
IFR, July 18, 2025
Only three of the six largest U.S. banks have tapped the U.S. bond market after posting strong second-quarter results, slowing the borrowing spree earlier in the year ahead of the potential easing of bank capital regulations. Nick Elfner is quoted in a recent IFR article. (Subscription required).
Colleges Face Major Tax Blow in Trump’s Proposed IRS Rules on Race
Bloomberg, June 18, 2025
The Treasury Department is weighing a change to Internal Revenue Service policies to allow the revocation of tax-exempt status for colleges that consider race in student admissions, scholarships and other areas. Adam Stern, Co-Head of Research, is quoted in a recent Bloomberg article. (Subscription required).
If Harvard Loses Tax-exempt Status, It's Unlikely Bondholders Would Pay
The Bond Buyer, April 25, 2025
Harvard’s tax-exempt status may be taken away by the IRS. Adam Stern, Co-Head of Research, is quoted in The Bond Buyer on what the threat to Harvard’s 501(c)(3) status could mean for current bond holders. (Subscription required).
Harvard Bonds Cheapen Amid Political Test But Investors Upbeat On Credit
The Bond Buyer, April 24, 2025
Harvard University's tax-exempt bonds have recently cheapened amid political tensions, prompting some investors to sell over concerns of headline risk while others view the situation as a buying opportunity given the university's strong credit fundamentals. Adam Stern, Co-Head of Research, is quoted in a recent article. (Subscription required).
Talk of a Trump Pivot on China tariffs is Helping Stocks — But U.S. Companies Want Actual Trade Deals
Market Watch, April 23, 2025
Nick Elfner, Co-Head of Research, was recently quoted in an article discussing the impacts of the Trump administration’s tariffs on the corporate bond market and Q1 earnings. The article highlights how investors and companies are looking for more certainty with solid trade agreements.
Big US Banks Go for Size
IFR, April 14, 2025
IFR highlights major U.S. banks raising $16.5 billion from the high-grade bond market amid uncertainty tied to the Trump administration’s shifting tariff policies. Nick Elfner, Co-Head of Research, is quoted highlighting the strong market confidence reflected in the banks’ ability to bring substantial deals to market in a single day.
US Corporate Bond Spreads Hit Widest in About 6 Months on Recession Fears
Reuters, March 13, 2025
In a recent Reuters article, Nick Elfner, Co-Head of Research, is quoted predicting that as the effects of President Trump's economic and fiscal policies become clearer, U.S. corporate bond spreads are expected to widen further, increasing the appeal of corporate debt for investors, including foreign buyers. (Subscription required).
Surging Yields Ripple Into Corporate Bonds, Delaying Sales
Bloomberg, January 14, 2025
Nick Elfner, Co-Head of Research is quoted in a recent Bloomberg article that reviews how surging yields are spurring at least a few blue-chip companies to delay U.S. bond sales, a sign of how falling Treasury prices are rippling into other markets. (Subscription required).
U.S. Bond Yield Surge Prompts Some Companies to Delay Debt Sales
Bloomberg, January 9, 2025
A handful of companies have held back on selling high-grade corporate bonds in the U.S. after yields have climbed in the last week close to their highest levels since the middle of last year, boosting potential borrowing costs. Nick Elfner is quoted on his thoughts on rate volatility. (Subscription required).
Firms Swarm High-Grade Bond Market in Busiest Day Since September
Bloomberg, January 6, 2025
Nearly two dozen companies flocked to the U.S. high-grade bond market in a single day, making it the biggest day for issuance since early September as risk premiums stay persistently tight. Nick Elfner comments on the market in this recent Bloomberg article. (Subscription required).
Money Manager CEO Optimism Tempered by Geopolitics, New Trump Regime in 2025
Pension & Investments, January 6, 2025
Pension & Investments explores how money managers remain generally optimistic about prospects for the industry, but concerned about global geopolitical issues and the ramifications of the next presidential administration in the U.S. CEO, Oggie Sosa, is quoted on where Breckinridge is focused given the potential implications of the shift in the balance of power in Washington. (subscription required).
Ford, General Motors Kick Off January High-Grade Bond Binge
Bloomberg, January 2, 2025
Co-Head of Research, Nick Elfner, is quoted in this Bloomberg article that discusses what could be one of the busiest January’s for bond sales. (Subscription required).