“An unprecedented number of investment banks are vying to underwrite a record amount of junk bonds as Federal Reserve Chairman Ben S. Bernanke succeeds in driving cash to the neediest U.S. borrowers.
JPMorgan Chase & Co. (JPM) led 42 firms helping companies to issue speculative-grade debt this year, up from 39 in the first quarter of last year and 14 in the first three months of 2009, according to data compiled by Bloomberg. High-yield bond sales have reached about $88.3 billion in 2011, on pace to exceed last year’s record $287.6 billion, the data show.”
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