Global markets for raising capital mostly shut down in August, especially for smaller and riskier companies, amid a surge in volatility and a pullback in investor flows.
August is normally a slow month. But even on those terms, markets saw a dramatic reversal of attractive financing conditions for even low-rated corporate issuers, sparked by worries that the burden of sovereign debt in the US and Europe is going to make it harder to rescue a slowing global economy.
The high-yield, or junk bond, market had the slowest August globally since at least 1995, according to Dealogic, when they began tracking the market.
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