High-quality issuers revive corporate hybrid market
| The clocks are turning back all across the credit markets this autumn. When big LBOs, corporate M&A deals and debt-financed shareholder payouts took off at the start of this year, the bears warned about an imminent credit crunch. It hasn’t happened. Those headline leveraged deals glossed over just how strong corporate credit fundamentals had become, as earnings and margins stayed high, cash built up and corporate spending stayed modest until very recently. |
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