The US corporate bond market is expanding rapidly: Total outstanding public investment-grade and high-yield bonds is up to a record $11 trillion. Since 2009, the market has grown +$8 trillion, or +267%. This has been driven by the growth in high-rated BBB and A debt, which now reflect 79% of all corporate bonds outstanding. By comparison, private credit has expanded +$1.2 trillion since 2009, or +67%, to ~$2 trillion. Put simply, public credit has risen 4 times faster than private credit. Public bond markets have become massive.(The Kobeissi Letter)