Forecasts for global corporate bond issuance in 2011 varied wildly as the markets closed for 2010. The lack of consensus can be attributed to one vexed question in corporate finance: what will companies do with all that cash? US corporations, for instance, have been hoarding cash at the fastest rate in half a century. Non-financial companies had $1.93 trillion in cash and other liquid assets on their balance sheets at the end of September, according to the Federal Reserve.
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