To the uninitiated - and, indeed, to a lot of the initiated as well - Monday August 20 might not have looked like the best time to bring a very large corporate bond deal in the US debt market.

At the end of the previous week, Countrywide Financial had drawn down an $11.5 billion credit line, which represented an admission of the difficulties it was encountering in the short-term money markets. It, and fellow struggler in the mortgage market Residential Capital, were also downgraded.

The Dow Jones

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