2020 has been a year for the ages, and not just because of the coronavirus pandemic. With the Federal Reserve (the Fed) signaling that interest rates will remain near all-time lows for the foreseeable future, countless issuers have taken inventory of their financial standing. Liability management, which preserves liquidity by balancing the maturities of assets and liabilities, has become the norm. Bond issuance and tenders have occurred at a record-setting pace. While a supply explosion can be an ominous signal of issuers borrowing to weather a downturn, we believe that, in this instance, many borrowers are taking a more strategic and innovative approach.