August was supposed to be a sleepy month in the high-yield debt market, but it turned out to be anything but quiet. Total high-yield issuance in the US for the month was $30.8 billion, the highest since the record $38.5 billion in March, according to KDP Investment Advisors, based in Montpelier, VT. Energy companies were among the most active issuers of high-yield debt in August. Houston-based Anadarko Petroleum, which owns a quarter of BP's blown-out oil well in the Gulf of Mexico, sold $2 billion of seven-year notes in the public market, despite a lack of creditor protection against claims stemming from the spill. Anadarko says it had no employees on the well and was a non-operating partner.
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