Online furniture retailer Wayfair Inc. W said on Monday that it is offering $700 million in secured notes to repay some of its debt, joining other companies’ run to the debt markets less than a week after the Federal Reserve cut interest rates for the first time in four years.

The Fed lowered its key interest rate on Wednesday by an unexpected 50 basis points to a range between 4.75% and 5%, setting in motion an expected gradual decrease in rates on bonds, car loans, mortgages and anything else with an interest rate.

Wayfair said the proceeds from the notes, which will mature in 2029, go towards paying back certain convertible senior notes and general corporate purposes.

Read Also: Fed Rate Cut Fuels Market Rally Amidst Valuation Fears

Wayfair is not alone in its dash for debt as 10 high-grade issuers — including TMobile US, Inc. TMUS — are looking to raise money from borrowing in the junk-bond market, a flurry that could result in $20 billion to $25 billion in deals this week, Bloomberg reported.

The average yield in the U.S. investment-grade and high-yield bond markets fell after the Fed rate cut, enticing issuers into the market.

Cigarette-filter maker Cerdia Holdings issued $800 million in debt to refinance notes due 2027 and pay for a shareholder distribution.

Australian coal miner Coronado Global Resources CODQL launched a $400 million offer to redeem its 2026 notes, while U.S.-based telecommunications company Windstream Holdings, Inc. put together a $1.3 billion debt package through the loan and bond markets to refinance loans.

Price Action: Investment banks that underwrite corporate bonds saw gains and losses on Monday.

• Charles Schwab Corporation SCHW declined 0.7% to close at $64.93
• JPMorgan & Chase Co. JPM rose 0.17% to close at $211.44
• Goldman Sachs Group Inc. GS slipped 0.2% to close at $497.41

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