May 1, 2020 / 12:46 PM / in a month

Global corporate bond fees jump 24% to hit new record high of $10.6 bln - data

LONDON, May 1 (Reuters) - Investment banks raked in record fee income from managing corporate bond issues in the year to end-April, data from Refinitiv showed, as companies scrambled to raise money to help see them through the COVID-19 crisis.

Corporate bond desks earned $10.6 billion in fees in the first four months, a 24% rise from the same period in 2019 — itself a record — the data showed.

The U.S. Federal Reserve and the European Central Bank have injected unprecedented stimulus into the market, including through corporate bond purchases, making them an attractive fund-raising tool for companies. (Reporting by Abhinav Ramnarayan; editing by Simon Jessop)

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