Investors are growing nervous of a sharp fall in the prices of risky corporate bonds as credit conditions for US businesses and households grow increasingly tighter.
The US Federal Reserve’s quarterly Senior Loan Officer Opinion Survey this week showed that 46 per cent of US banks plan to raise their lending standards due to worries about loan losses and deposit flight.
In the past, tighter lending standards have led to the spread, or gap, between yields for riskier corporate bonds and ultra-safe government bonds widening, because credit becomes riskier to own.
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