Matavi ekutanga echikwereti chechikwereti ari kurova makambani pamucheto wezasi wecheni yekudya kwekambani.Beef up kusvinwa kusati kwawedzera.

Mazuva ekuwana mari nyore, yakachipa apera.Dutu rakakwana rekukwira kwemitengo yemubereko, kiredhiti yakawanda inopararira pakati pekusagadzikana kwehupfumi uye kusimba kwebhanga repakati kuri kudzvanya makambani ane junk-rated.

Makore mashomanene apfuura akanga ane chikanganiso, maererano naTony Carfang, maneja mukuru weThe Carfang Group, kambani inoona nezvepfuma yezvemari: “Mitemo yakanaka yezvemari yemakore maviri apfuura yakanga isingawirirani chaizvoizvo nomufananidzo wenguva refu wechikwereti chemari yakawanda. musika.”

Makambani akabhadhara pakaitika denda reCovid-19 akagara zvakanaka-parizvino.Kana ari makambani anoda kudzorera zvikwereti zviripo kana kutsvaga madhiri matsva emari, sarudzo dzawo dziri kuramba dzichipera.

"Makambani [akaderera] anogona kupinda munzvimbo yakaoma achipihwa mubereko ari kutora muEurozone," anodaro François Masquelier, sachigaro weLuxembourg weEuropean Association of Corporate Treasurers.“Kukwira kwemitengo yemhindu kunogona kuita kuti pasave nyore kuwana chikwereti.

Kudzvanyirirwa kwemari kunonyanya kukosha kumakambani akatenga pakutanga kwegore kana gore rapfuura nerubatsiro rwezvikwereti zvemabhiriji, izvo zviri kupera.Kuburitswa kwechisungo kungave danho rinotevera riri pachena, asi izvo zvinogona kuve zvakaoma.Huwandu hwemakambani ari kupa ma bond bond gore rino hwaderera.Pasi rose, makambani mazana maviri negumi akaburitsa $111 bhiriyoni yejunk bond mukati memwedzi misere yekutanga yegore.Uku kudonha kukuru kubva gore rapfuura apo makambani e816 akapa madhora mazana mashanu emadhora, sekureva kweanopa data Dealogic.

Kudonha kwacho kwakapararira muUS, Europe neAsia-Pacific muchidimbu nekuti makambani akatakura chikwereti muna 2021 asi chaive chakachipa.Nokudaro, havana chikonzero chekugadzirisa zvakare muna 2022. Zvisinei, iri kuwedzera kudhura uye naizvozvo isinganyanyi kukwezva kuburitsa chikwereti chitsva.

"Zvimwe zvekudhonza kumashure zvaive zvakasikwa - kumhanya kwe2021 kwanga kusingagoneki," anodaro Eric Rosenthal, mukuru director mune leveraged zvemari paFitch Ratings."Asi chokwadi ndechekuti tiri kutarisa kuburitswa kungangove kwakadzikira sezvataive muna 2008, izvo zvinoshamisa."

Iyo sterling corporate bond market, semuenzaniso, "yakafa."Izvi zvinoenderana nemumwe bhizari mukuru wekudyara mari kubhanga reFrance muLondon.Nzvimbo yekutanga yekufona kwekambani ibhengi ravo rekuwedzera chikwereti chavo chebhiriji kana kumisa kiredhiti yenguva pfupi kusvika vakwanisa kupa bhondi, akatsanangura.

Tengesa Kuzvimba Kambani Coffers

Imwe sarudzo yeasina-kudzvanywa makambani anoda mari ndeyekuita ongororo yehungwaru uye kufunga nezvekutengesa zvinhu.Muyero wekusagadzika wevanokwereta zvisina kufanira wakaiswa kuti uwedzere.Mushure mekurasikirwa kwakanyanya gore rino, mabhanga ari kutonhora kumakambani e riskier pamabhuku avo.

Mabhanga eUS neEuropean anotarisirwa kurasikirwa nemari inodarika mabhiriyoni mashanu emadhora pamusoro pezvikwereti zvine njodzi.Makuru ekukweretesa eUS Bank of America neCitigroup vakanyora pasi € 1 bhiriyoni pazvikwereti zvakakweretwa uye zvebhiriji muchikamu chechipiri chete, inodaro Reuters.

Wells Fargo akanyora pasi $107 miriyoni pazvisungo zvisingabhadharwi zvekubhadhara mari apo kupararira kwemusika kwakapisa bhanga.Bhanga rechitatu pakukura nemidziyo muUS rakawana $576 miriyoni "kukanganiswa kwezvibatiso" mushure mekuderera kwemusika muchikamu chechipiri kukuvadza bhizinesi rayo guru.Fitch inofanotaura chiyero chekusarudzika kwemabhondi egoho rakapetwa kaviri kusvika 1% gore rino muUS uye 1.5% muEurope uye ichikwira kusvika pakati pe1.25% -1.75% uye 2.5% muna 2023, zvichiteerana.

Vatengi vari kusimbisa mabhandi avo sezvo nguva dzakaoma, vachiisa kumanikidza kumakambani akaremedza zvikwereti munguva dzakanaka asi achiri kuita purofiti.Muna 2021, Just Eat yakanga ichikwira kumusoro mushure mekutenga mukwikwidzi weUS Grubhub kwe7.3 bhiriyoni kuti ikure chikamu chayo chemusika wemakwikwi ekupa chikafu.Kwapera gore, mukuchinja kwehupfumi, hofori yekutora iri kutsvaga mari.

Muna Nyamavhuvhu, pasina gore mushure mekunyora chibvumirano chekutenga Grubhub, Just Eat yakanyora pasi € 3 bhiriyoni kubva pakutora kwayo.Yakazotengesa chikamu chayo mune inobhadhara Brazilian delivery app iFood ye1.8 bhiriyoni kuti isimbise bheji rayo uye kubhadhara chikwereti.

"Tichaona akawanda emhando idzi dzekugadziridza kana spinoffs izvo zvinobvumira kambani kusimudza kuenzana kana kuvandudza chimiro cheiyo bhari," anodaro Carfang.“Kana uri kutenga nguva, zvinhu izvozvo zvingashanda.Asi pane muganhu pane izvo zvinhu izvozvo zvinogona kuita.Unosvuuka kusvika washama zvino uchadii?"

Mamiriro emari anozongowedzera kuoma, fungidzira nyanzvi, sezvo mabhanga epakati anosunungura makore ehurongwa hwemari hwakasununguka.Bhanga reEngland riri kuronga kutengesa mari inosvika mazana maviri emamiriyoni emadhora emabhondi emakambani pasvondo, izvo zvichawedzera kusvika pamabhiriyoni gumi emadhora pakota, sechikamu chezvirongwa zvaro zvekusimudzira.Kuwedzera kusimba kwakatotanga muUS, neFederal Reserve iri kushanda kudzikisa nepakati madhora mazana mapfumbamwe emadhora emadhora mumakore mana anotevera.

Stagflation - triumvirate yekukwira kwemitengo yakakwira, kushaikwa kwemabasa uye hupfumi huri kuderera - idambudziko riri kukura kune vanokwereta vakaderera, kunyanya avo vari muEurope, Middle East neAfrica.Izvi zvinodzika kudzikisira kukura kwehupfumi muEurope, zvichiwedzerwa nekukatyamadzwa kweidiosyncratic seBrexit, uye makambani mashoma muzvikamu zviri kuita zvakanaka senge zvigadzirwa.

"Njodzi dziri kuwedzera muzvikamu zviri munjodzi yekukwira kwemitengo uye kudhonzera kumashure mukudiwa kwevatengi," Fitch Ratings mukuru director Lyuba Petrova anodaro."Vatengesi vezvemari vekuEurope vane mari shoma kune vezera ravo vekuUS."

Iva Akangwara Anokwereta

Vabati vehomwe vemakambani uye vatungamiriri vezvemari vanofanirwa kuve vakashinga kuitira kuti vabate misika yemari kuti vawane mari munguva dzekusagadzikana."Hatisi kuona chero chiratidzo chekuti misika ichazorora," anodaro Sarah Boyce, mubatsiri director mupolicy uye tekinoroji timu kuUK's Association of Corporate Treasurers."Izvi zvinoita kunge zvichave zvitsva kwechinguva."

Asi, anowedzera, makambani anofanirwa kunge akagadzirira kunyura mukati panguva iyo mamiriro ezvinhu anotaridzika zvakanaka."Misika ichavhurwa kwenguva pfupi, saka unofanirwa kunge wakagadzirira kudzvanya bhatani," anodaro.“Haudi kutanga chirongwa kana musika wavhurwa.Unoda kuva wakagadzirira kuenda.Chekupedzisira chaunoda kuona kuti unoda mvumo yebhodhi uye kuti zvichatora mavhiki matanhatu, nekuti panguva iyoyo musika ungadai wakavhurwa nekuvharwa. "

Makambani ari kunetsekana ari kutsvaga kuburitsa chikwereti kana kuenzana anogona kutsvaga vatambi vega vega kuti vabatsirwe kupfuura mutsetse wekupedzisa.Kutanga kwegore rino, Carvana aitengesa mota dzechipiri akatendeukira kuApollo Global Management kuti awane mari inosvika bhiriyoni imwe nemazana matanhatu emadhora kuti awane mari yechibatiso ye$3.3 bhiriyoni kuti awane mari yekutenga.Yakauya nemutengo: goho re10.25%.

Zvichakadaro, makambani anogona kushanda mukugadzirisa mabatiro emari, sekuvandudza ma invoice mazwi uye kuunganidza mari yakavharirwa yakagara mumasangano epasi rose.Ino ndiyo nguva yekuti vemakambani vadzvanyirire hukama hwavo huripo kuti vawane kuwana."Tarisa pahukama hwako huripo hwekugovera mari," Carfang anodaro.“Enda kubhanga rawakambopa bhizimusi rakawanda kare.Enda kubhengi anokuziva.Enda kumabhanga anonzwisisa indasitiri yako uye nekudaro anogona kunge asina kunyanyo dhonzera pachikwereti chinopararira chavanochaja. "

"Enda kumabhangi anogona kuonga bhizinesi rekuwedzera, sebhizinesi rekutonga mari raunogona kuvapa kuti vabatsire kubhadhara njodzi, kusiyana nekutanga hukama hutsva zvachose - nekuti izvo zvichadhura."