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."
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.
Companies have forsaken the debt diets they claimed at the beginning of the year; now 40% of blue-chip companies have leverage ratios more consistent with junk status.