Bondholders wary of rise in shareholder-friendly corporate activity

Event horizon

More event risk on the horizon?

Despite the sluggish nature of the economic recovery in the developed world and the precarious state of public finances in many advanced economies, the balance sheets of many investment grade corporates in the US and Europe are in their healthiest state for several years. This has been warmly welcomed by bond investors, who have enjoyed the fact that the ability of companies to service debt has increased and therefore the security of their investments has been enhanced.

However, with both second

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