The way that corporate bonds are issued creates disadvantages for investors who don't get in on the deal and corporations themselves.

A study from Barclays shows that corporate bonds tend to rise in their first days of trading just like stocks after an initial public offering (IPO), Fortune reports.

"On average, the price of a newly-issued bond rises 0.14 percentage point more than similar existing bonds between the time it is first sold to when it's added to the Barclays Aggregate Bond index, which happens on the last day of the month in which the deal came to market," according to Fortune senior editor Stephen Gandel.

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"What's more, more than half of the price increase happens on the first day. That means there are a whole bunch of investors not getting a piece of bond deals that would be more than willing to pay more than the initial asking price."

A bond investor who can get a piece of every new issue will outperform his competitors by 1.05 percentage points, according to the Barclays study.

And corporations appear to be paying higher interest rates on their bonds than is necessary.

Meanwhile, companies are issuing bonds in big numbers this week. "The $23.5 billion in debt that priced during the day ranked [Wednesday] as No. 8 in most active days for U.S. corporate bond offerings since the start of 2011," Jody Lurie, corporate credit analyst at Janney Montgomery Scott, writes in a commentary obtained by Barron's.

"From the pricing standpoint, spreads are hovering at or near seven-year tights, so waiting to issue debt could be more costly."

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