This paper examine the timing of debt issuances around earnings announcements. When there is time-varying asymmetric information between a lender and a borrower, the theory predicts that the borrower will choose to issue debt after important information releases. Consistent with this prediction, we find that bond issues are clustered after earnings announcements. We do not observe a similar pattern for loan issues, which fits well with the notion that private lenders do not rely solely on public disclosures for evaluating and monitoring their borrowers. We also find that the likelihood of bond issuance after earnings announcement is increasing in the uncertainty about the borrower's future cash flows. Consistent with this result, earnings announcements that precede bond issues have larger impact on trading volume and on uncertainty than earnings announcements following bond issues. We do not find any evidence for the alternative explanation that firms that delay their debt issues do so to take advantage of good news.