Aon raises $13.5bn in bond sale to fund USI acquisition

The scale of oversubscription, with orders far exceeding the notes sold, signals that debt markets remain wide open for large, investment-grade insurance M&A even amid broader macro uncertainty. That demand concentrated in the longest maturities suggests investors are willing to accept duration risk for the right credit, which matters for other issuers weighing similar mega-financings. The open question is whether this appetite holds if deal pipelines keep expanding and spreads tighten further.