In fact, almost no issuance of BBB-rated bonds was observed at the time. Even the spread on A-rated corporate bonds, which have been recognized as medium-rated bonds, expanded and exceeded 1.5 percent around the end of fiscal 2008, although it was at about 0.7-0.8 percent in summer 2008. There was almost no issuance of such bonds from October through November 2008.
Issuance rates on CP also rose substantially. In November, CP issuance rates (3-month) exceeded banks' lending rates (in terms of the average contracted interest rates on new short-term loans) for the first time, although this entirely unprecedented phenomenon was observed only in this month.