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Credit Still Tight Despite Bond Market Revival

Pickup in issuance mostly benefits investment-grade companies

By Susan Kelly | Updated on August 04, 2009

The good news lately from the credit market–a dramatic tightening in corporate bond spreads and soaring issuance–has yet to translate into easy access to credit for all companies.

The market is split between investment and non-investment-grade issuers, says Brian Kalish, director of the finance practice at the Association for Financial Professionals (AFP). “If you’re at the top of the credit curve or if you’ve got FDIC backing, those deals are getting done,” he says. “But if you’re an A-rated entity, it’s tough.”

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