Corporate restructuring needs could surpass 2008 levels amid a surge in junk debt, BlackRock says | Markets – Business Insider
The scale of corporate restructuring could surpass financial-crisis highs on a swelling pile of junk-rated debt,BlackRock said Monday. Sub-investment grade debt outstanding ballooned to $US5.3 trillion since 2007. The coronavirus pandemic only exacerbated the growth, as the Federal Reserves bond purchases revived the credit market and companies rushed to raise cash. Yet the pandemic also…