The sharp increase in issues seen this year is likely to accelerate, with funds raised in 2009 expected to reach the highest level since 2001, when telecoms, media and technology groups tapped markets after borrowing too much in the dotcom boom.
“After several years when corporates have been happily withdrawing equity from the markets through share buybacks and leveraged buyouts, the opposite is likely to be true in 2009 and 2010,” Goldman Sachs said.
“With the high cost of debt, declining operating businesses and in some areas weak corporate balance sheets, companies are likely to ask equity investors to make up the gap in funding.
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