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Story perspectives

Private bond tenors shrink to 8.9 years in 2026

8/13/2026

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Story summary
  • In 2026, half of private bond issues had tenors of five years or less, up from 11% five years earlier, with the tenor falling to 8.9 years from 13.2 years.
  • Chick-fil-A sold $650 million of private placement bonds in 2026, mainly a five-year note.
  • American Airlines sold $870 million of three-year private placement debt in 2026.
  • Brady Corp. completed an $800 million private debt sale in 2026 that included $250 million of five-year notes.