Oxygen for the markets

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There are many underlying reasons why financial distress occurs amongst borrowers. But there is only one reason why distress becomes default: that is, running out of cash. Similarly, a doctor could accurately write on any death certificate: "Cause of death: cerebral hypoxia". Whilst cash or oxygen is still circulating, then ill companies and ill people keep on chugging along.

The assessment of financing conditions will always be an important factor to consider when gauging value in credit markets

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