Moves by US and European governments to guarantee the debt of banks and other financial institutions have made private fundraising in vital parts of the capital markets extremely unattractive.
In spite of governments intervening to shore up banking systems, there are so far few signs that this is improving conditions in the credit markets.
For example, in October there has been no issuance of bonds backed by credit card loans in the US or Europe, according to data from Dealogic. Until recently, activity in this type of asset-backed security had held up reasonably well.
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