I-twinges yokuqala ye-credit crunch ibetha iinkampani ekupheleni kwekhonkco lokutya kwenkampani.Gcoba ngaphambi kokuba ukucudiswa kuqiniswe.

Iintsuku zenkxaso-mali elula, nexabiso eliphantsi ziphelile.Uqhwithela olugqibeleleyo lokunyuka kwamaxabiso enzala, ukwanda kwetyala phakathi kwesiphithiphithi sezoqoqosho kunye nokuqiniswa kobungakanani bebhanki enguvimba zicudisa iinkampani ezixabisa inkunkuma.

Le minyaka imbalwa idluleyo ibingumbhodamo, ngokutsho kukaTony Carfang, umalathisi olawulayo kwiCarfang Group, inkampani yabacebisi bemali: “Iimeko ezintle zokuxhasa ngemali kule minyaka mibini idluleyo yayingangqinelani nomfanekiso wexesha elide wetyala elinemveliso eninzi. imarike.”

Iinkampani ezithe zafumana inkxaso-mali kwakhona xa ubhubhani we-Covid-19 uhleli kakuhle-okwangoku.Ngokubhekiselele kwiinkampani ezifuna ukuxhasa ngokutsha amatyala asele ekho okanye afumane amaxabiso amatsha enkxaso-mali, ukhetho lwawo luya luncipha.

"[Amashishini akumgangatho ophantsi] angangena kwindawo enzima xa kunikwa inzala kwi-Eurozone," utshilo uFrançois Masquelier, usihlalo oseLuxembourg weEuropean Association of Corporate Treasurers.“Ukunyuka kwamazinga enzala kunokuba ngumba wokufikelela lula kwityala.”

Ukucuthwa kwenkxaso-mali kubaluleke kakhulu kumashishini athe afumana izinto kwasekuqaleni enyakeni okanye kunyaka ophelileyo ngoncedo lwemali-mboleko yebhulorho, ephelayo.Ukukhutshwa kwebhondi kuya kuba linyathelo elilandelayo elicacileyo, kodwa oko kunokuba nzima.Liye lehla inani leenkampani ezikhupha i-junk bonds kulo nyaka.Ehlabathini jikelele, iinkampani ezingama-210 zikhuphe i-111 yeebhiliyoni zeedola ze-junk bond kwiinyanga ezisibhozo zokuqala zonyaka.Oko kukuhla okukhulu kunyaka odlulileyo xa iinkampani ze-816 zikhuphe i-500 yeebhiliyoni zeedola, ngokutsho komnikezeli wedatha uDealogic.

Ukuwa kuxhaphake kulo lonke elase-US, i-Europe kunye ne-Asia-Pacific ngokuyinxenye ngenxa yokuba iinkampani zithwele amatyala ngo-2021 ngelixa laliphantsi.Ngoko ke, akukho mfuneko yokuba bahlaziywe ngokutsha ngo-2022. Nangona kunjalo, iya ibiza kakhulu kwaye ngoko ke iyancipha ukukhupha ityala elitsha.

"Ezinye zezo zixhobo zazingokwemvelo-isantya se-2021 sasingenakugcinwa," kusho u-Eric Rosenthal, umlawuli ophezulu kwi-leveraged finance kwiFitch Ratings.“Kodwa inyani yeyokuba sijonge ukukhutshwa okunokuba sezantsi njengokuba sasinjalo ngo-2008, nto leyo eyothusa kakhulu.”

Imarike yebhondi yeshishini ebalaseleyo, umzekelo, "ifile."Loo nto ngokutsho enye bearish intloko yotyalo-mali zebhanki kwibhanki French eLondon.A corporate izibuko lokuqala umnxeba yibhanki yabo ukwandisa imali mboleko yabo ibhulorho okanye ukuseka isibonelelo setyala lexeshana de bakwazi ukukhupha ibhondi, wachaza.

Thengisa ukuze uGqibe iNkampani

Enye inketho yeenkampani eziphantsi koxinzelelo olufuna inkunzi kukwenza uphononongo lweqhinga kwaye kuqwalaselwe ukuthengisa ii-asethi.Izinga lokusilela kubaboleki-mali limiselwe ukuba linyuke.Emva kokulala ilahleko enzima kulo nyaka, iibhanki ziyaphola kwiinkampani ezinobungozi kwiincwadi zabo.

Iibhanki zase-US kunye naseYurophu zijonge ukuphulukana ne-5 yeebhiliyoni zeedola ngenxa yeemali mboleko ezinobungozi.Ababolekisi abakhulu baseMelika iBhanki yaseMelika kunye neCitigroup babhale phantsi i-1 yebhiliyoni yeedola kwiimali-mboleko ezixhasiweyo kunye nebhulorho kwikota yesibini kuphela, kubika iReuters.

U-Wells Fargo ubhale phantsi i-107 yezigidi zeedola kwizibophelelo zenkxaso-mali ezingaxhaswanga xa ukwanda kwemarike kutshisa ibhanki.Ibhanki yesithathu ngobukhulu nge-asethi e-US ifumene i-576 yezigidi zeedola "yokuthotywa kwee-equity securities" emva kokuhla kwemarike kwikota yesibini yonakalisa ishishini layo eliyinkunzi.I-Fitch iqikelela ukuba izinga elimiselweyo leebhondi zesivuno esiphezulu liya kuphinda kabini ukuya kwi-1% kulo nyaka e-US kunye ne-1.5% eYurophu kwaye inyuke ngakumbi ukuya phakathi kwe-1.25% -1.75% kunye ne-2.5% ngo-2023, ngokulandelanayo.

Abathengi baqinisa amabhanti abo njengoko amaxesha enzima, bebeka uxinzelelo kwiinkampani ezithwele amatyala ngamaxesha amnandi kodwa ziseza kwenza inzuzo.Ngo-2021, i-Just Eat yayikhwele phezulu emva kokuthenga imbangi yase-US i-Grubhub nge-7.3 yeebhiliyoni zee-euro ukuze ikhulise isabelo sayo sokhuphiswano lwemarike yokuhanjiswa kokutya.Kunyaka emva koko, ukuguqulwa kwethamsanqa, isigebenga esithathayo sifuna imali.

Ngo-Agasti, ngokungekho unyaka emva kokuba ithengwe i-Grubhub, i-Just Eat yabhala phantsi i-3 yeebhiliyoni zeedola ekufumaneni kwayo.Emva koko yathengisa i-stake yayo kwi-iFood yase-Brazil enengeniso ye-iFood ye-euro ezibhiliyoni ezi-1.8 ukuqinisa ibhalansi yayo kunye nokuhlawula amatyala.

"Siza kubona uninzi lwezo ntlobo zohlengahlengiso okanye i-spinoffs evumela inkampani ukuba inyuse i-equity okanye iphucule ubume be-balance sheet," utshilo uCarfang.Ukuba uthenga ixesha, ezo zinto zinokusebenza.Kodwa kukho umda kwizinto ezinokwenziwa zezo zinto.Uyajikeleza ude ube ze kwaye uzakwenzani?"

Iimeko zenkxaso-mali ziya kuba nzima ngakumbi, ziqikelele iingcali, njengoko iibhanki ezingoovimba zikhulula iminyaka yomgaqo-nkqubo wezemali.IBhanki yaseNgilani iceba ukuthengisa malunga ne-£ 200 yezigidi zeebhondi zenkampani ngeveki, eziza kudibanisa ukuya kwi-10 yeebhiliyoni zeedola ngekota, njengenxalenye yezicwangciso zayo zokuvuselela.Ukuqiniswa kobungakanani sele kuqalile e-US, kunye ne-Federal Reserve esebenzela ukucutha i-balance sheet yayo ye-9 yetriliyoni zeedola kwiminyaka emine ezayo.

I-Stagflation-i-triumvirate yokunyuka kwamaxabiso aphezulu, ukungabikho kwemisebenzi kunye noqoqosho olugulayo-kwasisisongelo esikhulayo kubaboleki abakwizinga eliphantsi, ngakumbi abo baseYurophu, kuMbindi Mpuma naseAfrika.Oku kwehla ekukhuleni okuphantsi koqoqosho eYurophu, okwenziwa mandundu kukothuka kwe-idiosyncratic njengeBrexit, kunye neenkampani ezimbalwa kumacandelo aqhuba kakuhle njengeemveliso.

"Imingcipheko iyakha kumacandelo asengozini yokunyuka kwamaxabiso kunye nokutsalwa emva kwemfuno yabathengi," umlawuli ophezulu weFitch Ratings uLyuba Petrova uthi."Abaniki bezemali abaxhaswe yiYurophu banomthwalo ongaphantsi koontanga babo baseMelika."

Yiba nguMboleki okrelekrele

Oonondyebo abamanyanisiweyo kunye nabalawuli bezemali kufuneka basebenze nzima ukuze basebenzise iimalike ezinkulu ukuze bafumane inkxaso-mali ngamaxesha aguqukayo.“Asiboni nanye into ebonisa ukuba iimarike zizakuphumla,” utshilo uSarah Boyce, umlawuli oncedisayo kumgaqo-nkqubo kunye neqela lobuchwephesha kwi-UK's Association of Corporate Treasurers."Oku kubonakala ngathi kuya kuba yinto entsha okwexeshana."

Kodwa, wongeza, iinkampani kufuneka zilungiselele kakuhle ukuntywila ngelo xesha iimeko zibonakala zilungile.“Iimarike ziya kuvula ixesha elifutshane kakhulu, ngoko ke kufuneka ukulungele ukucofa iqhosha,” utshilo.“Awufuni kuqalisa inkqubo xa imarike ivulwa.Ufuna ukulungela ukuhamba.Into yokugqibela oyifunayo kukufumanisa ukuba ufuna imvume yebhodi kwaye izakuthatha iiveki ezintandathu, kuba ngelo xesha imarike ibinokuvulwa kwaye ivalwe. ”

Iinkampani ezisokolayo ezijonge ukukhupha amatyala okanye i-equity zinokufuna abadlali babucala ukuze bafumane uncedo lokufikelela kumgca wokugqibela.Kwangoko kulo nyaka, umthengisi wemoto yesibini uCarvana waguqukela kuLawulo lwe-Apollo Global ukuze afumane imali emalunga ne-1.6 yeebhiliyoni zeedola ukuya kuthi xhaxhe kwi-3.3 yeebhiliyoni zeedola ukuze afumane imali.Ifike ngexabiso: isivuno se-10.25%.

Ngeli xesha, iinkampani zinokusebenza ekwandiseni iinkqubo zolawulo lwemali, ezinjengokuphucula imiqathango ye-invoyisi kunye nokugcina imali evalelweyo ihleli ingenzi nto kwiinkampani ezincedisa kumazwe ngamazwe.Ngoku lixesha lokuba iinkampani zicudise ubudlelwane babo obukhoyo ukuze bafumane inzuzo ephezulu."Jonga kubudlelwane bakho obukhoyo bokubonelela ngemali," utshilo uCarfang.“Yiya kwibhanki obunike amashishini amaninzi kwixesha elidlulileyo.Yiya ebhankini owaziyo.Yiya kwiibhanki eziqondayo ishishini lakho kwaye ngenxa yoko usenokungabi nangxaki kwityala abalibizayo. ”

"Yiya kwiibhanki ezinokulixabisa ishishini elincedisayo, njengeshishini lolawulo lwemali onokuthi ubanike lona ukuze bahlawule umngcipheko, ngokuchaseneyo nokuqalisa ubudlelwane obutsha ngokupheleleyo-kuba ezo ziya kubiza."