The chart below overlays this year's High Yield bond issuance on top of last year's. This is the picture that bankers are showing their corporate clients. They are telling them your opportunity is now - the window of cheap financing is open. Many new issue HY bonds are being done below 6% (remember this is for "high yield" bonds), and if you have debt to refinance in the next year or so, the banks are telling you this is your chance.
And the corporations are listening. Fears of either rising rates or widening spreads are pushing firms into an already heavy HY calendar. LYB, GTI, Hindery, VFC are among the corporate names tapping this market. Whether this rush to refinance is justified remains to be seen, but in the mean time the banker fees are rolling in.