U.S. public companies sold more than US$60 billion in shares in May, the biggest monthly haul ever, as they capitalized on a stock market rally fueled by hopes that the pandemic is subsiding.

The benchmark S&P 500 Index has risen around 40 percent off of recent lows, hit in late-March at the height of market panic during the coronavirus outbreak, and is now roughly 10 percent shy of all-time highs hit in February.

The whipsawing markets stunted companies’ ability to issue new shares and raise cash, with just US$4.8 billion sold in March, the lowest monthly total since December 2018, Refinitiv data showed.

The market has rocketed back with US$22.3 billion sold in April and US$65.3 billion in May, the highest on record.

The likes of Southwest Airlines Co. and cruise operator Carnival Corp. have issued new stock to raise money. Major shareholders in companies such as BlackRock Inc. and U.S. drugmaker Regeneron Pharmaceuticals Inc. have cashed out their stock, with the market rebound far from certain to last.

The share sales echo a similar trend in U.S. debt markets, where companies have raised more than US$1 trillion so far in 2020.(SD-Agencies)