Companies left behind in the biggest U.S. bond-market rally ever are catching up as investors from Legg Mason Inc. to New York State’s biggest pension fund seek an alternative to junk-bond yields at record lows.
The gap in borrowing costs between the smallest companies with limited access to capital markets and bigger firms that can offer bonds shrank to the least this year, according to Standard & Poor’s Capital IQ Leveraged Commentary & Data. Relative yields on loans to borrowers with earnings of $50 million or less fell to 0.74 percentage point more than those of the biggest companies on Aug. 16, from 1.27 percentage points in January.
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