Global investment grade corporate bond new issuance slowed markedly in the first half of 2021, compared with the record-setting year before, when cash was king and companies were desperate to show equity investors and bank lenders that they could still raise large amounts of term finance.
No one was criticizing them then for lazy balance sheets. Shareholders were just trying to separate companies with the resources to survive Covid lockdowns from those that might not. And the ability to access liquidity was critical.
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