US companies shelve junk bond deals as rates rise

Newswire

By Dena Aubin NEW YORK, Aug 19 (Reuters) - Massive cash outflows and rising interest rates are taking the steam out of the U.S. junk bond market, prompting several bond sales to be pulled or trimmed in size. The cancellations are a sharp contrast to conditions earlier this year, when a strong rally left the market awash with cash and even the lowest-rated companies easily sold bonds. "It had to happen," said Kingman Penniman, president of high-yield research firm KDP Investment ...

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