Corporate debt bubble

392: 714: 558: 614: 1126: 338:, while there was an increased number of firms at the lowest-end, called BAA (on the Moody's rating scale) or BBB (on the S&P rating scale). Investment-grade firms, those with a rating between AAA and BAA, were more highly leveraged than the high-yield ("junk") firms. Observing that investors tend to divest bonds that are downgraded to high-yield, the New York Fed stated, "In the current corporate debt landscape, with a greater amount outstanding of BAA-rated corporate debt and higher net leverage of investment-grade debt overall, the possibility of a large volume of corporate bond downgrades poses a 1186: 822:

further $ 300 billion in 2021, which would be difficult to roll over in the strained economic climate. At the end of March, Goldman Sachs estimated that $ 765 billion in U.S. corporate bonds had already experienced rating downgrades. Slippage of firms from investment-grade to junk status continued to pose a stability risk. Fitch forecasted a doubling of defaults on US leveraged loans from 3% in 2019 to 5–6% in 2020, with a default rate for retail and energy companies of up to 20%. Fitch further forecast defaults in these two markets of 8–9% in 2020, totaling $ 200 billion over two years.

894:(CARES Act), the Fed announced that it would buy up to $ 2.3 trillion in debt from the U.S. market. This included purchase of debt from "fallen angels", firms that were downgraded to junk after 22 March. The Fed's Primary and Secondary Market Corporate Credit Facilities totals $ 750 billion. They are designed as credit backstops for U.S.-listed firms rated at least BBB-/Baa3; if downgraded to junk after 22 March, the firm must be rated at least BB-/Ba3 (the highest tier of junk) when a Facility buys the debt. The Fed's announcement drove a sharp rise in prices on junk bond 1008: 1268:. Democratic lawmakers had previously called that oil and gas companies be barred from Main Street facility loans. More than $ 1.9 billion in CARES Act benefits were being claimed by oil and oil services companies, using a tax provision that allowed companies to claim losses from before the pandemic using the highest tax rate of the previous five years, even if the losses didn't happen under that tax rate. Dubbed a "stealth bailout" of the oil industry, the loss carryback provision was expected to cost at least $ 25 billion over 10 years. 578:, resulting in higher rates for individual consumers for mortgages, car loans, and small-business loans. The International Monetary Fund conducted a stress test for a hypothetical shock half as large as the 2008 crisis and found that $ 19 trillion of corporate debt from eight countries—China, the United States, Japan, the United Kingdom, France, Spain, Italy, and Germany—representing roughly 40% of all corporate debt would be at risk of default because it would be difficult for companies to raise cash to repay loans that come due. 803: 499: 458:", or covenant light, that do not contain the usual protections for purchasers of the debt. In some cases, cov-lite terms may force the purchaser of the debt to buy more debt. By mid-2018, 77.4% of U.S. leveraged corporate loans were cov-lite. Cov-lite loans as a percentage of outstanding leveraged loans in European markets reached 78% in 2018, compared to under 10% in 2013. Investors seeking stronger covenants lost the struggle with companies and 237:, colloquially known as "junk bonds", has historically yielded 10% or more to compensate investors for the increased risk; in February 2020, the U.S. yield on these bonds dipped to nearly 5%. This indicates that investors flocking to higher yield have bought so much high-yield debt that it has driven the yield below the level needed to compensate for the risk. U.S. corporate bonds held by mutual funds had tripled over the previous decade. 795:

interest rates to a 14-year low. Chinese debt yields remained stable. The amount of Chinese corporate bond defaults fell 30% in the first quarter, year on year, to less than 24 billion yuan ($ 3.4 billion) as banks rushed loans to stabilize businesses. While bankruptcies and job losses have been avoided in the short term, unless demand for Chinese goods and services increases, the increased loans may turn into more corporate

262: 182: 487:(SOEs), which then built factories and equipment to stimulate the economy despite the lack of demand for the products created. The economic activity of SOEs in 2017 was 22% of China's total GDP, though SOEs accounted for over half of China's corporate debt. It is often not clear the degree to which Chinese SOEs are owned by the state, making it difficult to differentiate corporate and 1174:

bonds' 8.9%, indicating potential investor wariness about the risk of corporate bonds. Morgan Stanley estimated 2020 U.S. investment-grade bond issuance at $ 1.4 trillion, around 2017's record, while Barclays estimated the non-financial corporations will need to borrow $ 125–175 billion in additional debt to cover the drop in earnings from the pandemic recession.

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withdrawals during the economic turmoil. In the week of 9 March, investors pulled a record $ 15.9 billion from investment-grade bond funds and $ 11.2 billion from high-yield bond funds, the second-highest on record. As of 13 March, the market was pricing in about a 50% chance of recession, indicating future strain if a recession actually came to pass.

318:. In June 2016, the ECB began using its corporate sector purchase programme (CSPP), acquiring 10.4 billion euro in non-financial corporate bonds in the first month of operation, with the explicit purpose of ensuring liquidity in the corporate bond market. News in mid-2019 that the ECB would restart its asset purchase program pushed the 1275:(ETFs), the SPDR Bloomberg Barclays High Yield Bond ETF and the iShares iBoxx $ High Yield Corporate Bond ETF, respectively received $ 1.6 billion and $ 4.71 billion in net inflows. However, Goldman cautioned that even the BB-rated bonds that make up half of these two ETF's portfolios are likely to experience further downgrades. 574:

sector and the overall economy". If the corporate debt bubble bursts, the bonds would be repriced, resulting in a massive loss by the mutual funds, high-yield funds, pension funds, and endowments with corporate bond assets. As with the 2008 crisis, this may result in increased caution by lenders and the shrinking of the entire

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online services. The U.S. Fed noted in November 2019 that mutual funds held about one-sixth of outstanding corporate debt, but were acquiring one-fifth of new leveraged corporate loans. The size of high-yield corporate bond mutual funds, which specialize in riskier bonds, had doubled in the decade prior to 2019.

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began the week borrowing $ 6 billion and $ 5 billion, respectively. Unusually, about 25% of the debt was being bought by investors who typically trade stocks. Investment-grade yields had increased as mutual fund and money-market funds sold their short-term bonds to meet client redemptions in previous

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even without the effect of increasing defaults." At end of the trading day on 9 March the yield spread for junk bonds reached 6.68% from a low of 3.49% on 6 January, as sellers attempted to lure cautious traders with higher yields. The bonds of firms in the energy sector, who make up about 10% of the

466:

opined in February 2020, "If and when the credit cycle turns, the aggressive push toward weakening protections virtually ensures that recovery rates will be worse than in 2008. But there's no going back now: The risky debt markets are full of cov-lite deals. Investors either have to acclimate to that

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Between 1 January and 3 May, a record $ 807.1 billion of U.S. investment-grade corporate bonds were issued. Similarly, U.S. corporations sold over $ 300 billion in debt in April 2020, a new record. This included Boeing, which sold $ 25 billion in bonds, stating that it would no longer need a bailout

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noted on 9 March 2020, "the overleveraged corporate sector about to face the prospect that new-issue bond markets may seize up, as they did last week, and that even seemingly sound companies will find credit expensive or difficult to obtain ... Our estimate is that there is potentially as much as a

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estimated that 15.5% of all commercial bank loans in China were made to firms that did not have an operational cash flow sufficient to cover the interest on the loans. A 60% default rate of these loans could result in losses equal to 7% of Chinese GDP. In 2017, both Moody's and Standard & Poor's

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offered a tax holiday under the logic that firms would use the extra profits to increase investments. Instead, it vastly increased an existing trend towards share buybacks, which increase the value of the remaining publicly traded shares and contributed to the rise of stock market indexes generally.

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On 12 May, the Fed began buying corporate bond ETFs for the first time in its history. It stated its intention to buy bonds directly "in the near future". As companies must prove that they can not otherwise access normal credit to be eligible for the primary market facility, analysts opined that it

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with assets directly benefiting from Fed actions, grew by a third between March 11 and the end of April. However, companies are growing increasingly leveraged as they increase their debt while earnings fall. Through the end of April 2020, investment-grade corporate bonds gained 1.4% versus Treasury

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warned on 16 April that the amount of Eurozone BBB-rated debt had risen from $ 359 billion in 2011 to $ 1.24 trillion. UBS estimated a high-risk of downgrades to junk status. The average of its models indicated that about $ 69 billion in Euro non-financial corporate assets may be downgraded to high

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euro liquid high-yield index doubled. The market for new European junk-rated corporate debt, including leveraged debt, had effectively disappeared. Around 38 billion euros of debt is due by junk-rated corporate and financial issuers in European currencies by the end of 2021. Analysts were concerned

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and Fitch warned that Chinese debt was the biggest threat within the "fault line in the financial system and the broader economy" posed by overall corporate debt. Fitch noted that 4.9% of Chinese private companies had defaulted on bond payments in first 11 months of 2019, compared to 0.6% in all of

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In June 2018, 22% of outstanding U.S. nonfinancial corporate debt was rated "junk", and a further 40% was rated one step above junk at "BBB", so that approximately two-thirds of all corporate debt was from companies at the highest risk of default, in particular retailers who were losing business to

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reported that many smaller U.S. oil companies are expected to seek bankruptcy protection in the coming months. Oil production companies have $ 86 billion in debt coming due between 2020 and 2024, with oil pipeline companies having an additional $ 123 billion due over the same period. Many U.S. oil

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On 30 March, Moody's downgraded the outlook on U.S. corporate debt from stable to negative. It mentioned in particular firms in global air travel, lodging and cruise ships, automobiles, oil and gas, and the banking sector. Moody's also noted that $ 169 billion in corporate debt is due in 2020, and

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to "preserve cash", resulting in an 18% drop in its stock. While U.S. banks should have capacity to supply liquidity to companies due to post-2008 crisis regulations, analysts are concerned about funds holding bonds, which were also seeking to build cash reserves in anticipation of imminent client

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In contrast, other observers believed that a crisis could be averted, noting that banks are better capitalized and central banks more responsive than in the 2007–08 financial crisis. In 2019, the McKinsey Global Institute expressed doubt that defaults in the corporate debt market would result in

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to inject liquidity for the first time since 17 February, and also lowered interest rates. Chinese firms had sold $ 445 billion in onshore (yuan-denominated) bonds in 2020, a 12% increase from the first quarter of 2019. This followed Chinese government efforts to increase liquidity, which drove

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noted in February 2020 that "today’s stock of outstanding corporate bonds has lower overall credit quality, higher payback requirements, longer maturities and inferior covenant protection" that "may amplify the negative effects that an economic downturn would have on the non-financial corporate

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The McKinsey Global Institute cautioned in 2018 against excessive alarm, noting that if interest rates rose by 2%, less than 10% of bonds issued in all advanced economies would be at higher risk of default, with the percentage falling to less than 5% of European debt, which is largely issued by

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increased from 2% of all firms in the 1980s to 12% in 2016. By March 2020, one-sixth of all publicly-traded companies in the U.S. did not make enough profit to cover the interest on their issued debt. In developing countries, high-risk bonds were concentrated in particular industries. In China,

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While trade in corporate bonds typically centered in the U.S., two-thirds of corporate debt growth since 2007 was in developing countries. China became one of the largest corporate bond markets in the world, with the value of Chinese corporate bonds increasing from $ 69 billion in 2007 to $ 2

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concluded that its three interest rate cuts in March and first ever bond buying program had succeeded in stabilizing Canadian markets. However, it expressed concern about the ability of the energy sector to refinance its debt given historically low oil prices. About C$ 17 billion in Canadian

697:, potentially prompting other investors to try to sell first, driving down the value of the bonds, and increasing the cash crunch on investors. A concern is that companies, unable to cover their debt, will draw down their credit lines to banks, thereby reducing bank liquidity. An example is 1165:

from the U.S. government. Apple, which borrowed $ 8.5 billion potentially to pay back the $ 8 billion in debt coming due later in 2020; Starbucks, which raised $ 3 billion.; Ford, which sold $ 8 billion in junk-rated bonds despite just losing its investment rating; and cruise line operator

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reported that U.S. corporations had drawn more than $ 200 billion from existing credit lines during the COVID-19 crisis, far more than had been extended in the 2008 crisis. It noted that debt-laden firms "may be forced to choose between skipping loan payments and laying off workers". The

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that began in 2018 forced the government to pause debt reduction efforts in order to emphasize stimulus as both domestic and global demand for Chinese products fell. Government attempts to crack down on risky debt combined with the economic slowdown to quadruple the size of defaults on

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As of 6 May, the Fed had not yet utilized its Primary Market Corporate Credit and Secondary Market Corporate Credit facilities and had not explained how companies could be certified for these lending programs. However, investors had already bought debt as if the Fed backstop existed.

668:. The concern is that this economic instability may initiate the collapse of the corporate debt bubble. The total economic debt owed by non-financial companies in early March was $ 13 trillion worldwide, of which about $ 9.6 trillion was in the U.S. The Chief Investment Officer of 678:

total junk bond market and were particularly exposed to the Saudi-Russian oil price war, suffered large yield spreads. A debt default by energy companies would harm the regional banks of Texas and Oklahoma, potentially causing a chain reaction through the corporate bond market.

528:, unveiled in 2015, included financial reforms to reduce capacity in highly leveraged sectors. There were a wide variety of other policies and restrictions implemented to reduce debt burdens and manage the failure of zombie firms. In 2017, the government established the 756:

In the week of 23 March, investment-grade firms in the US issued $ 73 billion in debt, about 21% higher than the previous record set in 2013. These firms sought to build cash reserves prior to the full impact of the recession. For example, the retail-focused businesses

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expressed concern that the credit squeeze in Asian commodity markets would spread to the United States and Europe, stating, "We have been talking about this as a series of cascading waves. First the virus, then the economic and then potentially the credit side of it."

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stated, "I don’t think we have anything shaping up like 2008 or 1929, particularly in the United States." Though he later revised as the situation worsened, stating on 30 March, "there is a good chance it will look as bad as anything over the last century and half."

1076:. Instead, money managers would look to assess if a company’s finances were resilient enough to stay afloat during the current economic downturn." The potential failure of highly leveraged U.S. shale oil bonds may pose a risk to the high-yield market as a whole. 2651: 285:", have been able to turn over their debt because low interest rates increase the willingness of lenders to buy higher yield corporate debt, while the yield they offer on their bonds remains at near-historical lows. In a 2018 study of 14 rich countries, the 3939: 1049:

crude oil fell to -$ 37.63 per barrel as uninterrupted supply met collapsing demand. Even reports that the U.S. administration was considering paying companies not to extract oil did not comfort U.S. oil companies. The head of U.S. oil services company

253:. Noting negative bond yields in Switzerland, the United Kingdom, and the US in August 2019, Bloomberg News stated that effectively paying borrowers to borrow is distorting incentives and misallocating resources, concluding that bonds are on a bubble. 747:

announced a 750 billion euro ($ 820 billion) bond-buying program, called the Pandemic Emergency Purchase Programme, to calm European debt markets. The PEPP and corporate sector purchase programme were authorized to buy non-financial commercial paper.

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to buy private sector securities. However, the Central Bank was concerned that bank officials could face accusations of corruption for buying assets from individual companies and were seeking personal liability protection for Central Bank purchases.

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yuan-denominated bonds from 2017 to 2018. The government subsequently encouraged banks to increase lending, in particular to small struggling firms. In the first half of 2019, local governments issued $ 316.5 billion in bonds. In December 2019, both

98:, corporate bonds made to companies with poor credit histories or large amounts of existing debt, were the fastest growing asset class, increasing in size by 14.6% in 2018 alone. Total U.S. corporate debt in November 2019 reached a record 47% of the 322:

euro corporate bond index, valued at $ 1.92 trillion, to record highs. The increased purchases resulted in 42% of European investment-grade corporate debt having a negative yield, as investors effectively paid less risky companies to borrow money.

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and other non-traditional buyers seeking a refuge from market volatility. The Fed's attempts to maintain corporate liquidity, including with $ 687 billion in support on 26 March, were primarily focused on companies with higher credit ratings. The

214:, effectively creating functioning markets for these assets and reassuring investors. The success of the U.S. Fed in dropping interest rates to historically low levels and preventing illiquid markets from worsening the financial crisis prompted 881:

Co on 9 April to issue the first won-denominated debt in three weeks. Nevertheless, yields on won-denominated corporate debt were at the highest since 2012 amid pessimism about the global economic outlook and impacts upon South Korean firms.

1156:, compared to only a fifth of South Korean corporate debt. ANZ Bank, noting that most Chinese corporate debt is owned by the state and has an implicit guarantee, concluded that Chinese corporations are the least vulnerable to debt loads. 1169:, which increased its offering to $ 4 billion to meet demand. The main reasons for the lively market are the low interest rates and the Fed's actions to ensure market liquidity. The iShares iBoxx USD Investment Grade Corporate Bond, an 914:

arguing that national governments absorbing the cost of debt acquired by companies while economic activity was suspended would be ultimately less harmful to national economies than letting the companies default on their debt and go into

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filed for bankruptcy protection to convert $ 1.6 billion in debt to equity. Its debt largely resulted from the 2011 leveraged buyout by its current owners. J.Crew became the first U.S. retailer to go bankrupt in the COVID-19 downturn.

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While issuance of new high-yield (junk) bonds in the US market has been declining since 2012, the issuance of BAA (the lowest rating of "investment-grade", including BBB) matched or exceeded high-yield issuance from 2016 through

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by 27.8% in April 2020, which followed a rise of $ 16.9% in March. Efforts to alleviate strain on Japanese corporate finances also included increasing BoJ corporate bond holdings by 5.27% in April. The chief market economist at

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of 1.5 or less. In Brazil, one-quarter of all corporate bonds at a higher risk of default are in the industrial sector. Fitch stated in December 2019 that the majority of Chinese companies listed on A-share markets, namely the

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Also on 9 April, ECB President Lagarde dismissed the idea of cancelling Eurozone corporate debt acquired during the COVID-19 crisis, calling it "totally unthinkable". This followed an opinion piece by former ECB President

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were able to issue debt secured against their assets. Some investment funds began spending up to $ 2.5 billion acquiring loans and bonds that they viewed as becoming undervalued in the chaos of March. Also on 7 April, the

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doubled its corporate debt to $ 11.5 billion between 2012 and 2020; it sold $ 1 billion in debt in early March 2020 with the explicit purpose of paying off existing debt and has $ 3.8 billion in debt payments due through

1528: 3943: 739:. One U.S. analyst on 16 March opined, "The longer the pandemic lasts, the greater the risk that the sharp downturn morphs into a financial crisis with zombie companies starting a chain of defaults just like 141:

forecast that, in an economic downturn half as severe as the 2008 crisis, $ 19 trillion in debt would be owed by non-financial firms without the earnings to cover the interest payments, referred to as

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was downgraded to junk status, making it the largest company to fall from investment grade. However, its bond yields held steady as investors assumed an implicit guarantee by the Mexican government.

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to lower. For over a decade, the artificially low interest rates and artificially low bond yields, have caused a "mispricing of risk" as investors continually seek out higher yields. As an example,

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noted, "The steps the BOJ has taken so far are aimed at preventing a worsening economy from triggering a financial crisis. We'll know around late June through July whether their plan will work."

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trillion dollars of high-grade bonds heading to junk. That supply would swamp the high yield market as it would double the size of the below investment grade bond market. That alone would widen

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On 12 March, the spread on junk bonds over U.S. Treasuries increased to 7.42% in U.S. markets, the highest level since December 2015, indicating less willingness to buy corporate debt. As the

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the previous week. J.C. Penney decided not to make a scheduled $ 12 million interest payment on a 2036 bond on 15 April and has a one-month grace period before creditors can demand payment.

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On 16 April, Bloomberg News reported that Chinese interest rates were so low that Chinese firms were being incentivized to sell short-term debt in order to buy high-yield and less-regulated

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commented on the distortions being created by the Fed's implicit guarantee: "The disconnect between the underlying fundamentals of bond issuers and bond prices is tough to reconcile."

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that Eurozone companies vulnerable to the COVID-19 economic downturn, and with debt coming due over the next two years, would be unable to refinance their debt and would be forced to

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filed for Chapter 11 bankruptcy. This bankruptcy allows them to continue operations as a company, while attempting to work out some form of a deal between them and their creditors.

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lowered short- and long-term interest rates in order to convince investors to move out of interest-bearing assets and match with borrowers seeking capital. The resulting

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had its credit rating downgraded to BBB− or "junk" in February 2020 due to low earnings expectations and the firm's determination to use available capital to provide

973: 2032: 2681: 162:, where 25–30% of bonds had been issued by high-risk companies. As of March 2021, U.S. corporations faced a record $ 10.5 trillion in debt. On March 31, 2021, the 125:

Regulators and investors have raised concern that large amounts of risky corporate debt have created a critical vulnerability for financial markets, in particular

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iBoxx $ High Yield Corporate Bond ETF, which fell 3% from 20 to 21 April. With crude prices so low, U.S. shale oil companies cannot make money pumping more oil.

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On 9 May, Goldman Sachs warned that U.S. investors may be overestimating the Fed guarantees to junk-rated debt. Between 9 April and 4 May, the two largest junk

83:, and other instruments—the debt owed by non-financial companies in early March 2020 was $ 13 trillion worldwide, of which about $ 9.6 trillion was in the U.S. 1054:

stated, "A tidal wave of bankruptcies is about to hit the sector." While oil company bonds had rallied after Fed actions earlier in the month, the collapse of

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one-third of bonds issued by industrial companies and 28% of those issued by real-estate companies are at a higher risk of default, defined as having a

1249: 891: 693:, investors became increasingly concerned that corporate bond fund managers dealing with redemption requests from clients would be forced to engage in 3356: 2962: 2314: 3792: 3564: 502: 3867: 3691: 3259: 2939: 1778: 3163: 491:. Government-directed lending gradually shifted from large banks offering loans to smaller local and provincial banks offering lightly regulated 3769: 2576: 1091:

as its administrator, with the intention of receiving binding offers on the entirety of the company and its operations by the end of June 2020.

118:. The value of outstanding Chinese non-financial corporate bonds increased from $ 69 billion in 2007 to $ 2 trillion in 2017. In December 2019, 4984: 3665: 2058: 415:

that boost share price to a greater extent than before. This has been done in place of long-term business investments and expansions. The U.S.

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trillion at the end of 2017. By mid-2018, total outstanding U.S. corporate debt reached 45% of GDP, which was larger than that seen during the

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firms were operating on Federal loans offered through the CARES Act, but those funds were already running out. The president of oil developer

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declared AT&T to be "beholden to the health of the capital markets" because of its reliance on continued credit to service its debt load.

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to raise $ 1 billion in unsecured junk-rated debt on 7 April was seen as a sign of increased investor tolerance of risk. The previous week,

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While trade in corporate bonds typically centered in the U.S., two-thirds of corporate debt growth since 2007 was in developing countries.

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identified five nation's corporate sectors with high levels of debt and limited cash that were at the most risk from COVID-19 disruption:

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may create a stigma for companies and be little used. However, the guarantee of a Fed backstop appears to have ensured market liquidity.

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to meet short-term liabilities, there would be a large increase in corporate defaults, unless aid was extended to lower-rated borrowers.

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was similarly over-extended. Over 60% of outstanding Singaporean corporate debt was denominated in U.S. dollars, increasing exposure to

3538: 3285: 2987: 2913: 1608: 690: 649: 3613: 428:, this rise is driven partly by the selling of corporate debt to purchase stock that becomes more expensive due to the purchases. The 2288: 2238: 1582: 1100: 641: 608: 4687: 2816: 1746: 1245:

Global Research expressed concern that unless the Fed began actually buying debt, the uncertainty could further roil bond markets.

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A group of U.S. Republican lawmakers asked President Trump to mandate that loans be provided to U.S. energy companies through the

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market, which were not included in the CARES Act, were under severe stress on 24 April. S&P Global Ratings had downgraded

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yield status. There are many uncertainties, but UBS predicts downgrades like that experienced in 2011–12 at the height of the

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Financial Services LLC downgraded China's sovereign debt rating because of concerns about the health of the financial system.

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filed for bankruptcy. It followed the filings of Neiman Marcus and J.Crew, but was the largest U.S. retailer to file by far.

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reported in late April that corporate debt in Asia was rising fastest in China, South Korea, and Singapore. Energy companies

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has warned that the large amount of corporate debt could "prolong" the next recession and cause corporate bankruptcies. The

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rather than pay down debt. That month, Kraft Heinz had $ 22.9 billion in total debt with only $ 2.3 billion in cash assets.

3992: 2890: 2790: 391: 4128: 2764: 2490: 1320: 2677: 1957: 4979: 4974: 4826: 3590: 3460: 3133: 3104: 1667: 1072:

noted that now "investors are likely to focus less on the viability of a driller’s operations and how cheaply it could

843: 138: 2704: 1473: 3411: 540: 286: 163: 4041: 4426: 3639: 1261: 484: 327: 3333: 2865: 4820: 4198: 4159: 3310: 3236: 2602: 2265: 1886: 1693: 191: 71:—total corporate debt was about $ 51 trillion in 2019, compared to $ 34 trillion in 2009. Excluding debt held by 32: 3078: 964:

for the loans that they are making; some firms affected by COVID-19-related supply chain disruptions in the low-

4641: 4524: 3188: 2136: 877:-denominated debt purchases of up to $ 16 billion to provide liquidity to investment-grade firms. This enabled 766:

weeks. The high yields and the announcement by the Fed that it would purchase investment-grade bonds to ensure

3033: 2006: 1983: 1166: 838: 416: 399:(CAPE) suggest that the index reached an overvaluation in the late 2010s not seen since the collapse of the 4989: 4864: 4802: 4485: 1276: 1018:

retailer, considered bankruptcy protection after failing to cover payments on debt coming due in mid-April.

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for the S&P 500 indicates it is the most overvalued it has been since the dot-com bubble and is around

277:

Companies that do not make enough profit to pay off their debts and are only able to survive by repeatedly

261: 99: 3079:"Federal Reserve takes additional actions to provide up to $ 2.3 trillion in loans to support the economy" 1609:"U.S. companies face record $ 10.5 trillion in debt—Here's what to know about the corporate bond 'bubble'" 4790: 4778: 4747: 1225: 713: 633: 517: 3743: 2338:"The £15trillion corporate debt time bomb: Global economy at risk from the bond market as virus spreads" 2289:"The Coronavirus Crisis Could Be as Bad as Anything We've Seen in the Last 150 Years: Harvard Economist" 1122:

for Hertz bonds indicated a 78% chance of default within 12 months and a 100% chance within five years.

4907: 4676: 4578: 4542: 4536: 4444: 4366: 4191: 2520:"Wall Street fears 'flashbacks to 2008' with forced selling in $ 9 trillion U.S. corporate bond market" 968:, high-volume commodity business found themselves unable to service their existing debt. One prominent 2215: 934:

and labor. However, it relies on Chinese local and provincial banks remaining solvent to be low risk.

181: 5004: 4999: 4943: 4378: 3818: 923: 787: 706: 492: 433: 412: 147: 4155: 1560:"Chinese corporate debt is the 'biggest threat' to the global economy, says Moody's chief economist" 557: 4844: 4832: 4462: 4396: 2734: 1265: 583: 525: 250: 222: 3211: 1148:, in particular, were singled out for being "over-leveraged and short on cash buffers". In China, 613: 4994: 4895: 4856: 4784: 4566: 4554: 4390: 4124: 1073: 1046: 665: 370: 304: 300: 2817:"Investors searching for yield should opt for this part of the bond market, market analyst says" 2360: 536:, to coordinate financial regulation, with the full impact of new regulations expected in 2021. 39:

in 2009 to 92% in 2019, or about $ 72 trillion. In the world's eight largest economies—the

4889: 4869: 4838: 4814: 4730: 4500: 4384: 3666:"Corporate debt in China, Singapore and South Korea is rising fast as coronavirus hits revenue" 2439:"These energy companies have the highest debt and the most at risk as the oil market collapses" 1233: 1229: 1125: 480: 3842:"J. Crew files for bankruptcy, the first national retail casualty of the coronavirus pandemic" 2166: 495:. This "shadow banking" sector grew from $ 80 billion in 2006 to almost $ 9 trillion in 2018. 4913: 4808: 4590: 4512: 4414: 4408: 4299: 4288: 4260: 4235: 1302: 1153: 1145: 1115: 791: 744: 717: 311: 307:, were unable to repay their debt with their operational cash flow and required refinancing. 295: 195: 72: 28: 2577:"Boeing will cash out $ 13.8 billion loan and freeze hiring amid coronavirus market turmoil" 2551:"Corporate Bond Rout Spares No Corner of the Market as Investors Start Pricing In Recession" 1185: 1025:

missed payments on about $ 4.8 billion in debt and stated on 19 April that it would declare

980:, was struggling to manage almost $ 4 billion in debt. The Chief Economist of trading giant 4584: 4518: 4450: 4402: 4360: 1272: 1196:, oversaw increased buying of corporate paper and longer-term debt in March and April 2020. 1170: 1149: 961: 942: 895: 545: 331: 315: 119: 91: 1935:"European top-rated corporate debt with negative yield swells to 40% of market – Tradeweb" 8: 4703: 4665: 4647: 4620: 4602: 4372: 4337: 4276: 4250: 2266:"Here's what could really sink the global economy: $ 19 trillion in risky corporate debt" 1633: 1141: 1119: 796: 669: 533: 505: 459: 339: 207: 36: 3487:"J.C. Penney Won't Make a $ 12 Million Interest Payment Today. Bankruptcy Could Be Next" 3311:"Singapore commodity firm Agritrade International put under interim judicial management" 2678:"Italian borrowing costs fall sharply as ECB launches $ 820 billion coronavirus package" 701:, which declared on 11 March that it would draw down the entirety of a $ 13.825 billion 377:, despite Moody's rating the offer 4.99 on a scale of 1 to 5, with 5 being the riskiest. 4671: 4659: 4614: 4572: 4468: 4456: 4315: 4245: 3260:"Covid-19 Shock Is Shining a Harsh Light on Europe's 'Fallen Angel' Problem, Warns UBS" 1179: 976:

had gone bankrupt after being unable to service $ 1.55 billion in debt, while another,

899: 604: 591: 270: 111: 16:

Mass acquisition of low-quality corporate bonds by investors in the late 2010s and 2020

4019:"Bank of Canada says its coronavirus measures appear to be working, frets over energy" 1430: 1007: 4919: 4548: 4495: 4474: 4438: 4420: 4326: 4282: 4100: 2963:"Corporate debt is in serious trouble – here's what it means if the market collapses" 1030: 740: 723: 645: 625: 2629:"Surging borrowing costs, vanishing buyers: more pain ahead for European junk bonds" 1718: 945:, but not as severe as those experienced by Europe in the 2007–08 financial crisis. 4763: 4758: 4735: 4530: 4240: 1311:

On March 12, 2021, CNBC published a short video on the corporate debt/bond bubble.

1210: 1205: 1080: 1015: 953: 949: 874: 780: 767: 199: 115: 3383:"Record government and corporate debt risks 'tipping point' after pandemic passes" 1529:"Corporate debt nears a record $ 10 trillion, and borrowing binge poses new risks" 1264:, and had declared in January that it was divesting itself of assets connected to 4879: 4741: 4709: 4631: 4506: 4432: 4214: 1242: 1189: 1111: 957: 826: 814: 425: 234: 230: 206:

rate, the rate that the Fed charges institutional investors to borrow money; and

167: 151: 107: 24: 3891:"This 'sticking point' is holding back the Fed from hoovering up corporate debt" 1040: 122:

described Chinese corporate debt as the "biggest threat" to the global economy.

4948: 4796: 4773: 4697: 4653: 4608: 4596: 1291:

corporate bonds was sold in April 2020, one of the largest volumes since 2010.

1287: 1175: 762: 702: 587: 488: 463: 400: 384: 290: 282: 246: 226: 143: 95: 52: 4133: 2491:"With unprecedented force and speed, a global recession is likely taking hold" 1864:"China's private firms face record default risk, to stay high in 2020 – Fitch" 330:

noted in January 2020 that only two U.S. firms had the highest rating of AAA,

4968: 4933: 4354: 4104: 3591:"Virgin Australia has 20 potential buyers, deal seen by June: administrators" 2940:"Moody's cuts outlook on $ 6.6 trillion US corporate debt pile to 'negative'" 2412:"Market Extra: Oil market crash exposes thin corporate bond-market liquidity" 2194:"Chinese companies are defaulting on their debts at an 'unprecedented' level" 2033:"Why The Tax Cuts And Jobs Act (TCJA) Led To Buybacks Rather Than Investment" 1887:"The corporate bond market and the ECB's corporate sector purchase programme" 1399:"Transcript of October 2019 Global Financial Stability Report Press Briefing" 1201: 1193: 1130: 1022: 1011: 1004:

forecast that credit risk would greatly increase over the next three months.

965: 931: 916: 806: 736: 629: 443: 408: 266: 256: 103: 87: 40: 1103:

stated, "April is going to be terrible, but May is going to be impossible."

930:

was attractive as the poor economic climate reduced incentives to invest in

726:

oversaw the creation of a Pandemic Emergency Purchase Programme on 19 March.

4938: 4560: 4230: 4225: 3435:"Moody's and S&P lower credit ratings on J.C. Penney and Neiman Marcus" 1295: 1087:

on 21 April, after being unable to manage $ 4.59 billion in debt. It named

1055: 1034: 911: 830: 686: 674: 373:

sold about $ 1.3 billion of cov-lite debt in 2017 to pay for its buyout of

215: 134: 126: 80: 4093:"Virgin Atlantic files for bankruptcy as Covid continues to hurt airlines" 3819:"BOJ's commercial paper holdings jump nearly 30% as pandemic pain deepens" 3770:"The corporate bond market has been on fire during the coronavirus crisis" 3692:"Apple borrows $ 8.5 billion, joins record corporate debt borrowing spree" 3412:"Exclusive: Neiman Marcus's for bankruptcy as soon as this week – sources" 3357:"Mexico's Bonds May Be Reaching a Bottom. Stocks Are Still Being Punished" 4720: 4309: 4270: 3868:"Brazil central bank seeks legal cover for QE on corporate debt -sources" 3793:"Buffett: Fed 'did the right thing' by unfreezing corporate debt markets" 3212:"Draghi: we face a war against coronavirus and must mobilise accordingly" 2705:"ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)" 1068: 1051: 870: 834: 802: 575: 562: 552: 380: 360: 349: 278: 211: 3993:"Fed Makes Initial Purchases in Its First Corporate Debt Buying Program" 1178:

noted that the terms offered by the Fed were far better than those that

524:

The Chinese government recognized the risk posed by corporate debt. The

221:

However, the effect of quantitative easing was not limited to the toxic

3334:"Singapore oil trader Hin Leong owes $ 3.85 billion to banks – sources" 2110:"Debt market conditions continue to favour borrowers: what comes next?" 1107: 1026: 878: 771: 758: 498: 421: 364: 314:, in particular the quantitative easing implemented in response to the 3513:"Oil prices go negative — and Washington is paralyzed over what to do" 1341:"Corporate bonds and loans are at the centre of a new financial scare" 952:

reported that it was increasingly difficult to obtain short-term bank

3967:"No, the Fed can't save the junk-bond market, Goldman Sachs cautions" 3917:"Republicans urge Trump to bar banks from shunning fossil fuel loans" 3164:"Junk Bond Prices Rally After Fed Offers Lifeline to Riskier Credits" 1257: 1253: 1059: 981: 969: 927: 903: 847: 751: 661: 335: 203: 130: 4183: 3614:"'I'm Just Living a Nightmare': Oil Industry Braces for Devastation" 2059:"When the U.S. falls into a recession, a credit bubble will explode" 885: 628:

caused drops in economic activity and corporate revenues. Pictured:

1835:"Fears of corporate debt bomb grow as coronavirus outbreak worsens" 1137: 1088: 988:

On 17 April, the $ 105 billion in debt issued by Mexican oil giant

859: 817:, oversaw aggressive measures to stabilize turmoil in bond markets. 455: 449: 374: 225:

targeted by central banks, as it effectively reduced the supply of

176: 76: 4134:"Behind The Corporate Bond Market's $ 10.5 Trillion Debt 'Bubble'" 4042:"J.C. Penney, 118-Year-Old Department Store, Files for Bankruptcy" 3721:"Deluge of Debt Is Making Corporate America Riskier for Investors" 2988:"Wynn, NCR deals a sign of yet more risk returning to bond market" 2866:"Why the Fed's Bazooka Will Not Stop a Wave of Corporate Defaults" 2315:"Coronavirus Exposes the Danger of Corporate America's Debt Binge" 2239:"Corporate Bond Market Trends, Emerging Risks and Monetary Policy" 2084:"Leveraged Loans: Cov-Lite Volume Reaches Yet Another Record High" 1429:

Wiseman, Paul; Condon, Bernard; Bussewitz, Cathy (11 March 2020).

598: 462:

seeking to offload risk to the buyers of their debt. A writer for

4169: 4137: 1063: 682: 479:

government's reaction to the 2009 financial crisis was to direct

356: 68: 3940:"'Stealth Bailout' Shovels Millions of Dollars to Oil Companies" 3286:"Fearful Bankers Spurn Asia Commodity Traders in Credit Squeeze" 3237:"China's Risky Wealth Products Gain New Appeal in Low Rates Era" 3189:"ECB's Lagarde says large-scale debt cancellation 'unthinkable'" 3057:"Federal Reserve announces $ 2.3 trillion in additional lending" 565:

tripled in the decade following the financial crisis of 2007–08.

407:

Corporations in the United States have used the debt to finance

269:

in particular, issued increasing amounts of bonds at the lowest

229:

as a class, causing prices for bonds generally to rise and bond

102:. However, corporate borrowing expanded worldwide under the low 3011:"Prices Gone Haywire Attract Billions to Dislocated-Debt Funds" 1583:"Why The Corporate Debt Bubble May Burst Sooner Than You Think" 1217: 863: 698: 657: 159: 56: 3563:

Whitley, Angus; Wee, Denise; Brumpton, Harry (30 April 2020).

3284:

Cang, Alfred; Cheong, Serene; Hoffman, Andy (18 April 2020).

2216:"China's debt tops 300% of GDP, now 15% of global total: IIF" 1041:

Negative oil futures focused attention on the U.S. oil sector

989: 960:

by refusing to lend to some smaller firms and demanding more

855: 851: 731: 476: 359:

debt ballooned to $ 180 billion following its acquisition of

319: 310:

Bond investing in Europe closely followed the actions of the

155: 64: 60: 48: 44: 3565:"Virgin Australia Draws 20 Suitors in Race for Sale by June" 3034:"Korea Inc. Returns to Debt Market as Virus Fears Stay High" 2891:"China Corporate Deleveraging Push May Be on Hold for Years" 1779:"The U.S. Is Experiencing A Dangerous Corporate Debt Bubble" 1252:'s Main Street Lending Program. They specifically mentioned 110:. Two-thirds of global growth in corporate debt occurred in 3539:"Crude oil plunge challenges renewed faith in 'junk' bonds" 2840:"Panic in Corporate Debt Markets Seems to Be Over— For Now" 1913:"Europe's corporate bond market soars on ECB re-entry bets" 1612: 1133:, an offshore support provider for the oil and gas industry 956:

to conduct deals. Lenders reported that they were reducing

689:

faced dire consequences from the economic slowdown and the

653: 570: 345:

Examples of leveraged corporate debt transactions include:

1431:"Corporate debt loads a rising risk as virus hits economy" 779:

opined that due to the dependence of riskier companies on

444:

Search for yield results in growth in covenant light bonds

257:

Low interest rates led to increasingly leveraged companies

4165: 937: 3332:

Khasawneh, Roslan; Jaganathan, Jessica (16 April 2020).

1370:"April 2020 Global Debt Monitor: COVID-19 Lights a Fuse" 467:

reality or get out of high-yield and leveraged loans."

170:

the previous March ceased purchasing commercial paper.

86:

The corporate bond market historically centered in the

2914:"Chinese corporate bond defaults drop 30% on bank aid" 2652:"This Is How the Coronavirus Will Destroy the Economy" 2243:

Organisation for Economic Co-operation and Development

1428: 1002:

International Association of Credit Portfolio Managers

640:

Several financial commentators expressed alarm at the

571:

Organisation for Economic Co-operation and Development

553:

Potential role of corporate debt in a future recession

273:(known as BAA or BBB) after the 2008 financial crisis. 2513: 2511: 2237:Çelik, Serdar; Demirtaş, Gül; Isaksson, Mats (2020). 2236: 1224:

In the week of 4 May, the Chamber of Deputies in the

2864:

Steil, Benn; Della Rocca, Benjamin (26 March 2020).

1984:"Kraft Heinz's credit rating cut to 'junk' by Fitch" 1805:"Bonds Meet the Four Criteria for Defining a Bubble" 1033:. Ratings agencies had downgraded Neiman Marcus and 730:

From 20 February to 16 March 2020, the yield of the

4040:Maheshwari, Sapna; Corkery, Michael (15 May 2020). 3714: 3712: 3331: 1862:Zhou, Winni; Galbraith, Andrew (10 December 2019). 1308:On 5 August, Virgin Atlantic filed for bankruptcy. 636:

largely deserted on a Saturday night in March 2020.

150:warned in 2018 that the greatest risks would be to 5010:Economic history of the People's Republic of China 3562: 2575:Gregg, Aaron; MacMillan, Douglas (11 March 2020). 2508: 2050: 1955: 1719:"ICE BofA US High Yield Master II Effective Yield" 1250:Coronavirus Aid, Relief, and Economic Security Act 892:Coronavirus Aid, Relief, and Economic Security Act 752:Fed action soothe U.S. markets at the end of March 666:stock market crash during the week of 9 March 2020 4039: 4017:Johnson, Kelsey; Ljunggren, David (14 May 2020). 3283: 2544: 2542: 2540: 2378: 2137:"The 'Cov-Lite' Fight in Leveraged Loans Is Lost" 1956:Boyarchenko, Nina; Shachar, Or (8 January 2020). 1857: 1855: 1741: 1739: 1499:"Financial Stability Report – 1. Asset valuation" 1467: 1465: 1463: 1461: 1459: 1457: 1455: 1453: 1451: 1159: 210:, whereby the Fed buying trillions of dollars of 4966: 4016: 3709: 3410:Spector, Mike; NaPoli, Jessica (19 April 2020). 3083:Board of Governors of the Federal Reserve System 2863: 2791:"Short-Term Bond Market Roiled by Panic Selling" 2603:"Something Broke in the Bond Market on Thursday" 2489:Lynch, David J.; Long, Heather (14 March 2020). 2171:Center for Strategic & International Studies 1772: 1770: 1768: 1751:Board of Governors of the Federal Reserve System 1503:Board of Governors of the Federal Reserve System 202:was accomplished through two steps: cutting the 177:Low bond yields led to purchase of riskier bonds 2765:"Stock Investors Buy Into Corporate Bond Surge" 1333: 1029:, in the context of the ongoing North American 599:Concern about COVID-19–related economic turmoil 3640:"No Government Bailout Dooms Rental-Car Bonds" 3589:Freed, Jamie; Duran, Paulina (30 April 2020). 3461:"Is Neiman Marcus on the Verge of Bankruptcy?" 2574: 2537: 2161: 2159: 2157: 1852: 1747:"Financial Stability Report – 4. Funding risk" 1736: 1448: 1058:undermined market confidence. Junk-rated U.S. 4199: 3409: 2758: 2756: 2465:"Corporate-Bond Investors Shy Away From Risk" 2024: 1861: 1828: 1826: 1824: 1822: 1765: 1694:"Companies With High Debt Are Paying a Price" 1668:"The Big, Dangerous Bubble in Corporate Debt" 1661: 1659: 1657: 1655: 1653: 1651: 1553: 1551: 1549: 1522: 1520: 1491: 530:Financial Stability and Development Committee 510:Financial Stability and Development Committee 3718: 3685: 3683: 3162:Duguid, Kate; Davies, Megan (9 April 2020). 3161: 3134:"Secondary Market Corporate Credit Facility" 2230: 1393: 1391: 1364: 1362: 4090: 3741: 2482: 2154: 1424: 1422: 1420: 582:systemic collapses like that caused by the 430:cyclically adjusted price-to-earnings ratio 424:has risen by over 300% from its low in the 397:cyclically adjusted price-to-earnings ratio 218:around the world to copy these techniques. 4206: 4192: 4068:"Hertz US files for bankruptcy protection" 3719:Pitcher, Jack; Mutua, Caleb (1 May 2020). 3689: 3588: 3105:"Primary Market Corporate Credit Facility" 3054: 2753: 2600: 1819: 1648: 1580: 1546: 1517: 890:On 9 April, following passage of the U.S. 3914: 3839: 3784: 3680: 3637: 3257: 2488: 2462: 2134: 1388: 1359: 898:and individual junk-rated bonds, such as 609:Financial impact of the COVID-19 pandemic 561:The amount of US corporate bonds held by 35:. Global corporate debt rose from 84% of 4164:. Season 41. Episode 6. March 14, 2023. 3510: 2703:Bank, European Central (18 March 2020). 2263: 2167:"Does China face a looming debt crisis?" 1885:Bank, European Central (4 August 2016). 1417: 1228:was seeking to pass an amendment to the 1184: 1124: 1062:companies comprise 12% of the benchmark 1006: 801: 712: 612: 556: 497: 390: 260: 180: 4065: 3990: 3964: 3432: 3008: 2735:"Pandemic Emergency Purchase Programme" 2626: 2358: 2286: 2056: 1802: 1776: 1045:On 20 April, May futures contracts for 886:Fed extends lifeline to "fallen angels" 4967: 3937: 3816: 3790: 3611: 3484: 3354: 3209: 2837: 2814: 2649: 2601:Matsepudra, Victoria (15 March 2020). 2548: 2463:Pellejero, Sebastian (11 March 2020). 2384: 2361:"The bond bubble may be next to burst" 2335: 2312: 2031:Knott, Anne Marie (21 February 2019). 1691: 1606: 417:Tax Cuts and Jobs Act of December 2017 4985:Economic history of the United States 4213: 4187: 4091:Rushe, Dominic; agency (2020-08-04). 3865: 2960: 2675: 2436: 2135:Chappatta, Brian (18 February 2020). 2030: 2004: 1832: 1665: 1581:Kolakowski, Mark (20 February 2019). 1526: 656:and non-OPEC producers, particularly 3258:Kollmeyer, Barbara (16 April 2020). 2788: 2762: 2702: 1884: 1527:Lynch, David J. (29 November 2019). 1474:"Are we in a corporate debt bubble?" 1471: 1286:In its annual review on 14 May, the 705:meant to cover costs related to the 454:Most leveraged corporate bonds are " 3938:Dlouhy, Jennifer A. (15 May 2020). 3767: 3663: 3485:Scaggs, Alexandra (15 April 2020). 3458: 3055:Crutsinger, Martin (9 April 2020). 3031: 3009:Doherty, Katherine (8 April 2020). 2937: 2911: 2549:Scaggs, Alexandra (13 March 2020). 2437:Doorn, Philip van (11 March 2020). 2245:. Paris: OECD Capital Market Series 2191: 1666:Cohan, William D. (9 August 2018). 1634:"Commercial Paper Funding Facility" 1557: 1321:List of countries by corporate debt 13: 3888: 3744:"Fed Spurs Corporate Bond Bonanza" 3638:Chappatta, Brian (24 April 2020). 3612:Krauss, Clifford (21 April 2020). 3536: 2838:Scaggs, Alexandra (3 April 2020). 2715:from the original on 19 March 2020 2684:from the original on 19 March 2020 2517: 2088:S&P Global Market Intelligence 1374:Institute of International Finance 844:Institute of International Finance 139:Institute of International Finance 14: 5021: 4148: 3915:Volcovici, Valerie (9 May 2020). 3380: 2961:Frank, Jefferson (3 April 2020). 2287:Kapadia, Reshma (31 March 2020). 2264:Horowitz, Julia (14 March 2020). 1833:Lynch, David J. (10 March 2020). 1777:Colombo, Jesse (29 August 2018). 1723:Federal Reserve Bank of St. Louis 1607:Miller, Andrea (March 12, 2021). 1558:Tan, Weizhen (17 December 2019). 1106:Assets for companies in the U.S. 691:Russia–Saudi Arabia oil price war 287:Bank of International Settlements 164:Commercial Paper Funding Facility 4333:1830s Chicago real estate bubble 4322:1810s Alabama real estate bubble 4117: 4084: 4059: 4033: 4010: 3984: 3958: 3931: 3908: 3433:Halkias, Maria (14 April 2020). 2650:Sharma, Ruchir (16 March 2020). 2627:Bahceli, Yoruk (16 March 2020). 2005:Smith, Rich (14 February 2020). 1962:Federal Reserve Bank of New York 1958:"What's in A(AA) Credit Rating?" 1803:Authers, John (13 August 2019). 1262:Federal Reserve Bank of New York 328:Federal Reserve Bank of New York 3991:Smialek, Jeanna (12 May 2020). 3942:. Bloomberg L.P. Archived from 3882: 3859: 3833: 3810: 3761: 3742:D'Souza, Deborah (5 May 2020). 3735: 3657: 3631: 3605: 3582: 3556: 3530: 3511:Lefebvre, Ben (20 April 2020). 3504: 3478: 3452: 3426: 3403: 3374: 3355:Mellow, Craig (24 April 2020). 3348: 3325: 3303: 3277: 3251: 3229: 3210:Draghi, Mario (25 March 2020). 3203: 3181: 3155: 3126: 3097: 3071: 3048: 3025: 3002: 2980: 2954: 2931: 2905: 2883: 2857: 2831: 2808: 2782: 2727: 2696: 2676:Amaro, Silvia (19 March 2020). 2669: 2643: 2620: 2594: 2568: 2456: 2430: 2404: 2352: 2329: 2306: 2280: 2257: 2208: 2185: 2173:. China Power. 7 September 2017 2128: 2102: 2076: 2057:Mauldin, John (20 March 2019). 1998: 1976: 1964:. Liberty Street Economics blog 1949: 1927: 1905: 1893:(5/2016). European Central Bank 1878: 1796: 1711: 1685: 1626: 1600: 1118:to "highly speculative", while 948:In mid-April, traders in Asian 743:did in 2008." On 19 March, the 485:Chinese state-owned enterprises 470: 4525:Western Australian gold rushes 3965:Riquier, Andrea (9 May 2020). 3840:Bhattarai, Abha (4 May 2020). 3690:Wiltermuth, Joy (4 May 2020). 3239:. Bloomberg L.P. 16 April 2020 2893:. Bloomberg L.P. 29 March 2020 2815:Gurdus, Lizzy (4 April 2020). 2385:Minerd, Scott (9 March 2020). 2359:Carlson, Ben (12 March 2020). 2336:Oliver, Matt (10 March 2020). 2313:Miller, Rich (10 March 2020). 2192:Tan, Weizhen (20 March 2019). 2007:"Kraft Heinz Debt Is Now Junk" 1692:Alster, Norm (16 April 2020). 1574: 1160:Record debt purchases in April 1: 3866:Ayres, Marcela (5 May 2020). 3459:Ogg, Jon C. (14 April 2020). 3032:Cho, Kyungji (9 April 2020). 541:China–United States trade war 4954:U.S. higher education bubble 4865:Chinese stock bubble of 2007 4827:United States housing bubble 4821:2000s Danish property bubble 4803:Baltic states housing bubble 4579:Second Nova Scotia Gold Rush 4136:. 12 March 2021 – via 4066:Spector, Mike (2020-05-23). 3817:Kihara, Leika (7 May 2020). 3791:Cheung, Brian (4 May 2020). 3168:U.S. News & World Report 2870:Council on Foreign Relations 2789:Wirz, Matt (18 March 2020). 2763:Wirz, Matt (30 March 2020). 2116:. Restructuring Trends. 2018 1472:Lund, Susan (21 June 2018). 1277:State Street Global Advisors 777:Council on Foreign Relations 508:is the chair of the Chinese 94:noted in November 2019 that 7: 4791:Japanese asset price bubble 4779:New Zealand property bubble 4748:New Zealand property bubble 4677:Third Nova Scotia Gold Rush 4445:First Nova Scotia Gold Rush 3664:Tan, Weizhen (4 May 2020). 3537:Oh, Sunny (21 April 2020). 3313:. Reuters. 19 February 2020 2938:Cox, Jeff (30 March 2020). 2912:Cho, Yusho (7 April 2020). 2518:Oh, Sunny (14 March 2020). 1986:. Reuters. 14 February 2020 1403:International Monetary Fund 1314: 1226:National Congress of Brazil 518:International Monetary Fund 192:financial crisis of 2007–08 33:financial crisis of 2007–08 10: 5026: 4908:Australian property bubble 4543:Tierra del Fuego gold rush 4427:Colorado River mining boom 4367:Queen Charlottes Gold Rush 1204:increased its holdings of 1129:Ship owned by Singapore's 924:wealth management products 602: 532:, chaired by Vice-Premier 493:wealth management products 447: 413:mergers & acquisitions 4980:2010s in economic history 4975:2000s in economic history 4944:Social media stock bubble 4929: 4878: 4757: 4719: 4686: 4630: 4486:2nd Industrial Revolution 4484: 4379:New South Wales gold rush 4347: 4300:1st Industrial Revolution 4298: 4259: 4221: 1478:McKinsey Global Institute 707:Boeing 737 MAX groundings 650:collapse of the agreement 434:Wall Street Crash of 1929 148:McKinsey Global Institute 23:is the large increase in 4845:Canadian property bubble 4833:Romanian property bubble 4672:1930s Kakamega gold rush 4463:Vermilion Lake gold rush 3889:Oh, Sunny (6 May 2020). 3768:Cox, Jeff (1 May 2020). 1937:. Reuters. 1 August 2019 1326: 1216:On 4 May, U.S. retailer 1085:voluntary administration 584:subprime mortgage crisis 271:tier of investment grade 251:subprime mortgage crisis 4896:Lebanese housing bubble 4857:Lebanese housing bubble 4851:Chinese property bubble 4785:Spanish property bubble 4642:1920s Florida land boom 4567:Cripple Creek Gold Rush 4555:Witwatersrand Gold Rush 4496:1870s Lapland gold rush 4391:Fraser Canyon Gold Rush 3191:. Reuters. 9 April 2020 2795:The Wall Street Journal 2769:The Wall Street Journal 2469:The Wall Street Journal 2218:. Reuters. 18 July 2019 1915:. Reuters. 21 June 2019 1636:. Federal Reserve Board 1047:West Texas Intermediate 974:Agritrade International 305:Shenzhen Stock Exchange 301:Shanghai Stock Exchange 281:their loans, known as " 4890:2000s commodities boom 4870:Uranium bubble of 2007 4839:Polish property bubble 4815:2000s commodities boom 4731:1970s commodities boom 4501:Coromandel Gold Rushes 4385:Australian gold rushes 2607:The Motley Fool Canada 2391:Guggenheim Investments 2387:"The Butterfly Effect" 1197: 1150:the real estate sector 1134: 1019: 818: 792:open market operations 788:People's Bank of China 786:Also on 23 March, the 727: 637: 566: 513: 404: 274: 187: 166:re-established by the 73:financial institutions 29:financial institutions 4914:Cryptocurrency bubble 4902:Corporate debt bubble 4809:Irish property bubble 4591:Mount Baker gold rush 4513:Black Hills gold rush 4415:Similkameen Gold Rush 4409:Pennsylvania oil rush 4397:Pike's Peak gold rush 4289:Bengal Bubble of 1769 4261:Commercial revolution 4236:Irrational exuberance 2739:European Central Bank 2709:European Central Bank 1303:The Hertz Corporation 1273:exchange-traded funds 1232:that would allow the 1188: 1154:foreign exchange risk 1128: 1010: 896:exchange-traded funds 805: 745:European Central Bank 718:European Central Bank 716: 664:prices and resulting 616: 603:Further information: 560: 501: 440:AAA-rated companies. 394: 332:Johnson & Johnson 312:European Central Bank 296:times interest earned 264: 196:Federal Reserve Board 184: 75:—which trade debt as 21:corporate debt bubble 4585:Kobuk River Stampede 4519:Colorado Silver Boom 4451:West Coast gold rush 4403:Rock Creek Gold Rush 4361:California gold rush 3141:U.S. Federal Reserve 3112:U.S. Federal Reserve 2990:. CNBC. 8 April 2020 1171:exchange-traded fund 1120:credit default swaps 943:European debt crisis 839:Carnival Corporation 586:. On 12 March 2020, 460:private equity firms 316:European debt crisis 112:developing countries 92:U.S. Federal Reserve 27:, excluding that of 4990:Financial economics 4721:The Great Inflation 4704:Porcupine Gold Rush 4688:Post–WWII expansion 4666:Porcupine Gold Rush 4648:Fairbanks Gold Rush 4621:Porcupine Gold Rush 4603:Fairbanks Gold Rush 4373:Victorian gold rush 4338:Chilean silver rush 4251:Stock market bubble 4156:"Age of Easy Money" 3846:The Washington Post 3390:The Washington Post 2918:Nikkei Asian Review 2581:The Washington Post 2495:The Washington Post 1839:The Washington Post 1533:The Washington Post 670:Guggenheim Partners 526:13th Five-Year Plan 340:financial stability 265:U.S. companies, in 208:quantitative easing 133:. Former Fed Chair 100:entire U.S. economy 37:gross world product 4660:Cobalt silver rush 4615:Cobalt silver rush 4573:Klondike Gold Rush 4469:Kildonan Gold Rush 4457:Big Bend Gold Rush 4316:Carolina gold rush 4277:Mississippi bubble 4246:Real-estate bubble 4072:The Canberra Times 4046:The New York Times 3997:The New York Times 3618:The New York Times 3059:. Associated Press 2656:The New York Times 1698:The New York Times 1672:The New York Times 1198: 1192:, Governor of the 1180:Berkshire Hathaway 1135: 1096:The New York Times 1020: 997:The New York Times 900:Ford Motor Company 819: 797:nonperforming debt 741:subprime mortgages 728: 695:forced liquidation 638: 605:COVID-19 recession 592:Harvard University 567: 514: 405: 363:in 2016. In 2018, 275: 188: 129:, during the next 4962: 4961: 4920:Everything bubble 4569:(c. 1890–c. 1910) 4549:Cayoosh Gold Rush 4539:(c. 1880–c. 1930) 4527:(c. 1880–c. 1900) 4509:(c. 1870–c. 1890) 4507:Cassiar Gold Rush 4503:(c. 1870–c. 1890) 4475:Omineca Gold Rush 4439:Cariboo Gold Rush 4421:Stikine Gold Rush 4357:(c. 1840–c. 1850) 4327:Georgia Gold Rush 4312:(c. 1790–c. 1810) 4215:Financial bubbles 2416:Oil & Gas 360 1891:Economic Bulletin 1405:. 16 October 2019 1031:retail apocalypse 978:Hin Leong Trading 954:letters of credit 950:commodity markets 724:Christine Lagarde 646:COVID-19 pandemic 626:COVID-19 pandemic 618:Social distancing 546:Moody's Analytics 411:, dividends, and 120:Moody's Analytics 5017: 5005:Commercial bonds 5000:Economic bubbles 4764:Great Regression 4759:Great Moderation 4736:Mexican oil boom 4531:Indiana gas boom 4283:South Sea bubble 4241:Social contagion 4208: 4201: 4194: 4185: 4184: 4180: 4178: 4176: 4142: 4141: 4121: 4115: 4114: 4112: 4111: 4088: 4082: 4081: 4079: 4078: 4063: 4057: 4056: 4054: 4052: 4037: 4031: 4030: 4028: 4026: 4014: 4008: 4007: 4005: 4003: 3988: 3982: 3981: 3979: 3977: 3962: 3956: 3955: 3953: 3951: 3935: 3929: 3928: 3926: 3924: 3912: 3906: 3905: 3903: 3901: 3886: 3880: 3879: 3877: 3875: 3863: 3857: 3856: 3854: 3852: 3837: 3831: 3830: 3828: 3826: 3814: 3808: 3807: 3805: 3803: 3788: 3782: 3781: 3779: 3777: 3765: 3759: 3758: 3756: 3754: 3739: 3733: 3732: 3730: 3728: 3716: 3707: 3706: 3704: 3702: 3687: 3678: 3677: 3675: 3673: 3661: 3655: 3654: 3652: 3650: 3635: 3629: 3628: 3626: 3624: 3609: 3603: 3602: 3600: 3598: 3586: 3580: 3579: 3577: 3575: 3560: 3554: 3553: 3551: 3549: 3534: 3528: 3527: 3525: 3523: 3508: 3502: 3501: 3499: 3497: 3482: 3476: 3475: 3473: 3471: 3456: 3450: 3449: 3447: 3445: 3430: 3424: 3423: 3421: 3419: 3407: 3401: 3400: 3398: 3396: 3387: 3381:Lynch, David J. 3378: 3372: 3371: 3369: 3367: 3352: 3346: 3345: 3343: 3341: 3329: 3323: 3322: 3320: 3318: 3307: 3301: 3300: 3298: 3296: 3281: 3275: 3274: 3272: 3270: 3255: 3249: 3248: 3246: 3244: 3233: 3227: 3226: 3224: 3222: 3207: 3201: 3200: 3198: 3196: 3185: 3179: 3178: 3176: 3174: 3159: 3153: 3152: 3150: 3148: 3138: 3130: 3124: 3123: 3121: 3119: 3109: 3101: 3095: 3094: 3092: 3090: 3075: 3069: 3068: 3066: 3064: 3052: 3046: 3045: 3043: 3041: 3029: 3023: 3022: 3020: 3018: 3006: 3000: 2999: 2997: 2995: 2984: 2978: 2977: 2975: 2973: 2967:The Conversation 2958: 2952: 2951: 2949: 2947: 2935: 2929: 2928: 2926: 2924: 2909: 2903: 2902: 2900: 2898: 2887: 2881: 2880: 2878: 2876: 2861: 2855: 2854: 2852: 2850: 2835: 2829: 2828: 2826: 2824: 2812: 2806: 2805: 2803: 2801: 2786: 2780: 2779: 2777: 2775: 2760: 2751: 2750: 2748: 2746: 2731: 2725: 2724: 2722: 2720: 2700: 2694: 2693: 2691: 2689: 2673: 2667: 2666: 2664: 2662: 2647: 2641: 2640: 2638: 2636: 2624: 2618: 2617: 2615: 2613: 2598: 2592: 2591: 2589: 2587: 2572: 2566: 2565: 2563: 2561: 2546: 2535: 2534: 2532: 2530: 2515: 2506: 2505: 2503: 2501: 2486: 2480: 2479: 2477: 2475: 2460: 2454: 2453: 2451: 2449: 2434: 2428: 2427: 2425: 2423: 2408: 2402: 2401: 2399: 2397: 2382: 2376: 2375: 2373: 2371: 2356: 2350: 2349: 2347: 2345: 2333: 2327: 2326: 2324: 2322: 2310: 2304: 2303: 2301: 2299: 2284: 2278: 2277: 2275: 2273: 2261: 2255: 2254: 2252: 2250: 2234: 2228: 2227: 2225: 2223: 2212: 2206: 2205: 2203: 2201: 2189: 2183: 2182: 2180: 2178: 2163: 2152: 2151: 2149: 2147: 2132: 2126: 2125: 2123: 2121: 2106: 2100: 2099: 2097: 2095: 2080: 2074: 2073: 2071: 2069: 2054: 2048: 2047: 2045: 2043: 2028: 2022: 2021: 2019: 2017: 2002: 1996: 1995: 1993: 1991: 1980: 1974: 1973: 1971: 1969: 1953: 1947: 1946: 1944: 1942: 1931: 1925: 1924: 1922: 1920: 1909: 1903: 1902: 1900: 1898: 1882: 1876: 1875: 1873: 1871: 1859: 1850: 1849: 1847: 1845: 1830: 1817: 1816: 1814: 1812: 1800: 1794: 1793: 1791: 1789: 1774: 1763: 1762: 1760: 1758: 1743: 1734: 1733: 1731: 1729: 1715: 1709: 1708: 1706: 1704: 1689: 1683: 1682: 1680: 1678: 1663: 1646: 1645: 1643: 1641: 1630: 1624: 1623: 1621: 1619: 1604: 1598: 1597: 1595: 1593: 1578: 1572: 1571: 1569: 1567: 1555: 1544: 1543: 1541: 1539: 1524: 1515: 1514: 1512: 1510: 1495: 1489: 1488: 1486: 1484: 1469: 1446: 1445: 1443: 1441: 1426: 1415: 1414: 1412: 1410: 1395: 1386: 1385: 1383: 1381: 1366: 1357: 1356: 1354: 1352: 1337: 1266:power plant coal 1211:Daiwa Securities 1206:commercial paper 1081:Virgin Australia 1016:department store 972:commodity firm, 781:commercial paper 768:market liquidity 642:economic fallout 634:Theater District 395:The S&P 500 200:market liquidity 152:emerging markets 114:, in particular 31:, following the 5025: 5024: 5020: 5019: 5018: 5016: 5015: 5014: 4965: 4964: 4963: 4958: 4925: 4882: 4880:Information Age 4874: 4766: 4762: 4753: 4742:Silver Thursday 4723: 4715: 4710:Poseidon bubble 4690: 4682: 4634: 4632:Interwar period 4626: 4488: 4480: 4433:Otago gold rush 4343: 4302: 4294: 4263: 4255: 4217: 4212: 4174: 4172: 4154: 4151: 4146: 4145: 4132: 4129:Wayback Machine 4122: 4118: 4109: 4107: 4089: 4085: 4076: 4074: 4064: 4060: 4050: 4048: 4038: 4034: 4024: 4022: 4015: 4011: 4001: 3999: 3989: 3985: 3975: 3973: 3963: 3959: 3949: 3947: 3936: 3932: 3922: 3920: 3913: 3909: 3899: 3897: 3887: 3883: 3873: 3871: 3864: 3860: 3850: 3848: 3838: 3834: 3824: 3822: 3815: 3811: 3801: 3799: 3789: 3785: 3775: 3773: 3766: 3762: 3752: 3750: 3740: 3736: 3726: 3724: 3723:. Bloomberg L.P 3717: 3710: 3700: 3698: 3688: 3681: 3671: 3669: 3662: 3658: 3648: 3646: 3636: 3632: 3622: 3620: 3610: 3606: 3596: 3594: 3587: 3583: 3573: 3571: 3561: 3557: 3547: 3545: 3535: 3531: 3521: 3519: 3509: 3505: 3495: 3493: 3483: 3479: 3469: 3467: 3457: 3453: 3443: 3441: 3431: 3427: 3417: 3415: 3408: 3404: 3394: 3392: 3386:(18 April 2020) 3385: 3379: 3375: 3365: 3363: 3353: 3349: 3339: 3337: 3330: 3326: 3316: 3314: 3309: 3308: 3304: 3294: 3292: 3282: 3278: 3268: 3266: 3256: 3252: 3242: 3240: 3235: 3234: 3230: 3220: 3218: 3216:Financial Times 3208: 3204: 3194: 3192: 3187: 3186: 3182: 3172: 3170: 3160: 3156: 3146: 3144: 3136: 3132: 3131: 3127: 3117: 3115: 3107: 3103: 3102: 3098: 3088: 3086: 3077: 3076: 3072: 3062: 3060: 3053: 3049: 3039: 3037: 3036:. Bloomberg L.P 3030: 3026: 3016: 3014: 3013:. Bloomberg L.P 3007: 3003: 2993: 2991: 2986: 2985: 2981: 2971: 2969: 2959: 2955: 2945: 2943: 2936: 2932: 2922: 2920: 2910: 2906: 2896: 2894: 2889: 2888: 2884: 2874: 2872: 2862: 2858: 2848: 2846: 2836: 2832: 2822: 2820: 2813: 2809: 2799: 2797: 2787: 2783: 2773: 2771: 2761: 2754: 2744: 2742: 2741:. 18 March 2020 2733: 2732: 2728: 2718: 2716: 2701: 2697: 2687: 2685: 2674: 2670: 2660: 2658: 2648: 2644: 2634: 2632: 2625: 2621: 2611: 2609: 2599: 2595: 2585: 2583: 2573: 2569: 2559: 2557: 2547: 2538: 2528: 2526: 2516: 2509: 2499: 2497: 2487: 2483: 2473: 2471: 2461: 2457: 2447: 2445: 2435: 2431: 2421: 2419: 2418:. 11 March 2020 2410: 2409: 2405: 2395: 2393: 2383: 2379: 2369: 2367: 2357: 2353: 2343: 2341: 2334: 2330: 2320: 2318: 2317:. Bloomberg L.P 2311: 2307: 2297: 2295: 2285: 2281: 2271: 2269: 2262: 2258: 2248: 2246: 2235: 2231: 2221: 2219: 2214: 2213: 2209: 2199: 2197: 2190: 2186: 2176: 2174: 2165: 2164: 2155: 2145: 2143: 2133: 2129: 2119: 2117: 2108: 2107: 2103: 2093: 2091: 2082: 2081: 2077: 2067: 2065: 2055: 2051: 2041: 2039: 2029: 2025: 2015: 2013: 2011:The Motley Fool 2003: 1999: 1989: 1987: 1982: 1981: 1977: 1967: 1965: 1954: 1950: 1940: 1938: 1933: 1932: 1928: 1918: 1916: 1911: 1910: 1906: 1896: 1894: 1883: 1879: 1869: 1867: 1860: 1853: 1843: 1841: 1831: 1820: 1810: 1808: 1807:. Bloomberg L.P 1801: 1797: 1787: 1785: 1775: 1766: 1756: 1754: 1753:. November 2019 1745: 1744: 1737: 1727: 1725: 1717: 1716: 1712: 1702: 1700: 1690: 1686: 1676: 1674: 1664: 1649: 1639: 1637: 1632: 1631: 1627: 1617: 1615: 1605: 1601: 1591: 1589: 1579: 1575: 1565: 1563: 1556: 1547: 1537: 1535: 1525: 1518: 1508: 1506: 1505:. November 2019 1497: 1496: 1492: 1482: 1480: 1470: 1449: 1439: 1437: 1427: 1418: 1408: 1406: 1397: 1396: 1389: 1379: 1377: 1368: 1367: 1360: 1350: 1348: 1347:. 12 March 2020 1339: 1338: 1334: 1329: 1317: 1243:Bank of America 1190:Haruhiko Kuroda 1162: 1043: 888: 827:NCR Corporation 825:The ability of 815:Federal Reserve 754: 622:other responses 611: 601: 555: 473: 452: 446: 426:Great Recession 385:stock dividends 259: 235:high-yield debt 179: 168:Federal Reserve 154:such as China, 108:Great Recession 96:leveraged loans 25:corporate bonds 17: 12: 11: 5: 5023: 5013: 5012: 5007: 5002: 4997: 4995:Interest rates 4992: 4987: 4982: 4977: 4960: 4959: 4957: 4956: 4951: 4949:Unicorn bubble 4946: 4941: 4936: 4930: 4927: 4926: 4924: 4923: 4917: 4911: 4905: 4899: 4893: 4886: 4884: 4883:(2007–present) 4876: 4875: 4873: 4872: 4867: 4861: 4860: 4854: 4848: 4842: 4836: 4830: 4824: 4818: 4812: 4811:(c. 2000–2007) 4806: 4800: 4797:Dot-com bubble 4794: 4788: 4782: 4776: 4774:1980s oil glut 4770: 4768: 4755: 4754: 4752: 4751: 4750:(c. 1980–1982) 4745: 4739: 4733: 4727: 4725: 4717: 4716: 4714: 4713: 4707: 4706:(1945–c. 1960) 4701: 4700:(1945–c. 1950) 4698:Texas oil boom 4694: 4692: 4684: 4683: 4681: 4680: 4674: 4669: 4663: 4662:(1918–c. 1930) 4657: 4654:Texas oil boom 4651: 4650:(1918–c. 1930) 4645: 4644:(c. 1920–1925) 4638: 4636: 4628: 4627: 4625: 4624: 4618: 4612: 4609:Texas oil boom 4606: 4605:(c. 1900–1918) 4600: 4597:Nome Gold Rush 4594: 4593:(1897–c. 1925) 4588: 4582: 4576: 4570: 4564: 4558: 4552: 4546: 4540: 4534: 4533:(c. 1880–1903) 4528: 4522: 4516: 4510: 4504: 4498: 4492: 4490: 4482: 4481: 4479: 4478: 4472: 4466: 4460: 4454: 4448: 4442: 4436: 4430: 4424: 4418: 4412: 4406: 4400: 4394: 4388: 4382: 4376: 4375:(1851–c. 1870) 4370: 4364: 4358: 4351: 4349: 4345: 4344: 4342: 4341: 4335: 4330: 4329:(1828–c. 1840) 4324: 4319: 4313: 4306: 4304: 4296: 4295: 4293: 4292: 4286: 4280: 4274: 4267: 4265: 4257: 4256: 4254: 4253: 4248: 4243: 4238: 4233: 4228: 4222: 4219: 4218: 4211: 4210: 4203: 4196: 4188: 4182: 4181: 4150: 4149:External links 4147: 4144: 4143: 4116: 4083: 4058: 4032: 4009: 3983: 3957: 3946:on 23 May 2020 3930: 3907: 3881: 3858: 3832: 3809: 3783: 3760: 3734: 3708: 3679: 3656: 3644:Bloomberg News 3630: 3604: 3581: 3569:Bloomberg News 3555: 3529: 3503: 3477: 3451: 3425: 3402: 3373: 3347: 3324: 3302: 3290:Bloomberg News 3276: 3250: 3228: 3202: 3180: 3154: 3143:. 9 April 2020 3125: 3114:. 9 April 2020 3096: 3085:. 9 April 2020 3070: 3047: 3024: 3001: 2979: 2953: 2930: 2904: 2882: 2856: 2830: 2807: 2781: 2752: 2726: 2695: 2668: 2642: 2619: 2593: 2567: 2536: 2507: 2481: 2455: 2429: 2403: 2377: 2351: 2328: 2305: 2279: 2256: 2229: 2207: 2184: 2153: 2141:Bloomberg News 2127: 2101: 2090:. 22 June 2018 2075: 2049: 2023: 1997: 1975: 1948: 1926: 1904: 1877: 1851: 1818: 1795: 1764: 1735: 1710: 1684: 1647: 1625: 1599: 1573: 1545: 1516: 1490: 1447: 1416: 1387: 1376:. 7 April 2020 1358: 1331: 1330: 1328: 1325: 1324: 1323: 1316: 1313: 1288:Bank of Canada 1176:Warren Buffett 1161: 1158: 1146:in South Korea 1042: 1039: 887: 884: 763:The Home Depot 753: 750: 703:line of credit 687:oil industries 600: 597: 588:Kenneth Rogoff 554: 551: 489:sovereign debt 472: 469: 464:Bloomberg News 448:Main article: 445: 442: 409:share buybacks 401:dot-com bubble 389: 388: 378: 368: 354: 258: 255: 247:dot-com bubble 223:mortgage bonds 190:Following the 178: 175: 104:interest rates 53:United Kingdom 15: 9: 6: 4: 3: 2: 5022: 5011: 5008: 5006: 5003: 5001: 4998: 4996: 4993: 4991: 4988: 4986: 4983: 4981: 4978: 4976: 4973: 4972: 4970: 4955: 4952: 4950: 4947: 4945: 4942: 4940: 4937: 4935: 4934:Carbon bubble 4932: 4931: 4928: 4921: 4918: 4915: 4912: 4909: 4906: 4903: 4900: 4897: 4894: 4891: 4888: 4887: 4885: 4881: 4877: 4871: 4868: 4866: 4863: 4862: 4858: 4855: 4852: 4849: 4846: 4843: 4840: 4837: 4834: 4831: 4828: 4825: 4822: 4819: 4816: 4813: 4810: 4807: 4804: 4801: 4798: 4795: 4792: 4789: 4786: 4783: 4780: 4777: 4775: 4772: 4771: 4769: 4765: 4760: 4756: 4749: 4746: 4743: 4740: 4737: 4734: 4732: 4729: 4728: 4726: 4722: 4718: 4711: 4708: 4705: 4702: 4699: 4696: 4695: 4693: 4689: 4685: 4678: 4675: 4673: 4670: 4667: 4664: 4661: 4658: 4655: 4652: 4649: 4646: 4643: 4640: 4639: 4637: 4633: 4629: 4622: 4619: 4616: 4613: 4610: 4607: 4604: 4601: 4598: 4595: 4592: 4589: 4586: 4583: 4580: 4577: 4574: 4571: 4568: 4565: 4562: 4559: 4556: 4553: 4550: 4547: 4544: 4541: 4538: 4537:Ohio oil rush 4535: 4532: 4529: 4526: 4523: 4520: 4517: 4514: 4511: 4508: 4505: 4502: 4499: 4497: 4494: 4493: 4491: 4487: 4483: 4476: 4473: 4470: 4467: 4464: 4461: 4458: 4455: 4452: 4449: 4446: 4443: 4440: 4437: 4434: 4431: 4428: 4425: 4422: 4419: 4416: 4413: 4410: 4407: 4404: 4401: 4398: 4395: 4392: 4389: 4386: 4383: 4380: 4377: 4374: 4371: 4368: 4365: 4362: 4359: 4356: 4355:Railway Mania 4353: 4352: 4350: 4346: 4339: 4336: 4334: 4331: 4328: 4325: 4323: 4320: 4317: 4314: 4311: 4308: 4307: 4305: 4301: 4297: 4290: 4287: 4284: 4281: 4278: 4275: 4272: 4269: 4268: 4266: 4262: 4258: 4252: 4249: 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