The motive behind this scramble to access the market: according to BofA, it wasn't to add incremental leverage, such as prefunding buybacks or M&A, but rather to refinance existing debt into cheaper coupons and longer maturities.

Whetever the reason, after yesterday's whopper of a new issuance day, on Wednesday new investment grade issuance accelerated even more, rising to $28.8bn across 15 deals today, bringing the total for the two days of the week to a whopping $54.3 billion, as refinancing trades continued to dominate with $21.1bn of today's issuance partially towards commercial paper, credit revolver, term loan, short and long-term debt repayments, according to BofA's Hans Mikkelsen.

Furthermore, as we pointed out late on Wednesday, one company that will not be refinancing but certainly prefunding more buybacks...