Corporate Borrowing & Debt

By April 3, borrowing was already more difficult, as demand for cash increased and companies' internally generated cash flows shrunk.

Most companies are past the decision of whether to draw on their bank facilities, but an even bigger challenge looms straight ahead.

Lenders are suddenly raising prices and placing anti–cash-hoarding stipulations, interest-rate floors, and mandatory prepayment clauses into new loans, even with investment-grade borrowers.

Strategists weigh in on the challenges created for investors.

For businesses that were struggling before the pandemic struck, the federal stimulus bill "may not be the economic life preserver companies and their lenders were hoping for."

Coronavirus fears halt bond sales: Zero offerings in the first three days of this week is the longest break in more than 18 months (barring holidays).

U.S. corporate investment-grade borrowing costs have never been lower, while high-yield rates are close to record lows.

Analysts are trying to determine which companies will issue euro-denominated bonds, which tends to reduce leverage and risk premiums on the company's U.S. bonds.