If rates are expected to fall, why the surge in corporate bond issuance?

If ‘everyone’ believes interest rates are going back down, then why was US corporate bond issuance up +54% YoY in Q2 and with the high yield/junk end the most active?

Seems like corporate treasurers were happy to unload some extra debt to “willing buyers at a fair market price” as  Jeremy Irons character ‘John Tuld’ (Fuld?) was to say in Margin Call