(March 27): Borrowers are piling into bond markets to get deals done ahead of US President Donald Trump’s plans to impose global tariffs on April 2.

Issuers are using this week’s relative market calm to push ahead with sales that have been held up in the pipeline by volatility in recent weeks, according to bankers familiar with the matter. Some are looking to bring forward deals ahead of the potential tariffs, said the people, asking to not be identified.

More than 40 borrowers have hit the European primary market this week so far, the most in three days since January, according to data compiled by Bloomberg. Wednesday saw offers including a Unibail-Rodamco-Westfield SE hybrid bond, the Moroccan government raising money for football World Cup financing and high-yield debt from waste recycling company Itelyum Regeneration Spa.

Trump has promised a sweeping announcement on tariffs next Wednesday, touting it as a “Liberation Day” against trading partners he has long accused of “ripping off” the US. The exact details are unclear but will involve reciprocal levies for countries that impose their own tariffs on US goods.

The rush to get ahead of further volatility drew 17 borrowers to the European market on Wednesday, seeking a minimum of €9 billion (US$9.7 billion). That would take this week’s total debt raised to more than €32 billion, already meeting most expectations for issuance in a Bloomberg survey.

The countdown to Trump’s next round of tariffs has also fuelled a frenzy of activity in Asia-Pacific’s credit market, with more than a dozen issuers marketing or announcing dollar bonds on Monday. In the US, the week started with 16 investment-grade companies riding the constructive tone to price over US$24 billion across 30 tranches.

Uploaded by Siow Chen Ming