CCC Sickness

摘要

The financings of today will be the bankruptcies of tomorrow," Carl Icahn warned debt investors at a recent Bear Stearns conference. Spoken like a vulture who knows where his next meal is coming from. Fact is, there's never been so much new junk on the table. Virtually anyone can raise money in the debt markets this year; all they have to do is show up, even if they limp on one leg to get there. Through April, companies issued $44 bil-lion of speculative-grade debt ― rated BB or lower by Standard & Poor's ― compared with $28 billion over the same period in 2003, which was the second-biggest year ever for high-yield issuance.