Companies issued $33.7 billion of high-yield bonds last month as issuers rushed into the market before investors turn cold on the riskiest securities. Moody's Investors Service has estimated that high-yield issuance could increase 10% in 2010 and that investment-grade bond sales will likely decline. "Companies are trying to come in before the market dries up. It's an issuers' market," said Kingman Penniman, president of the high-yield research firm KDP Investment Advisors.

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