With a temporary solution to the US fiscal cliff agreed and the European Central Bank’s pledge to backstop the euro soothing nerves, US companies including Ford Motor and General Electric Capital have taken advantage of a broad market rally. Last week they sold over $12bn in new debt in a single day.
European banks and Chinese property developers were also quick off the mark.
Yet amid the market glow, investors are fretting that the expected January flurry will disguise a more fundamental issue – a lack of supply of high-yielding assets.
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