Investors recoil as billions wiped off telecoms paper

02 May 2002

Cancelled new issues littered the US high grade corporate market this week as a meltdown in telecoms bonds infected the wider market and threatened an even bigger crisis than Enron’s collapse.

"The telecoms meltdown weighed down the entire market and spilled over into the new issue side as well, where we saw for the first time this year several deals getting postponed," said one syndicate manager. Countrywide Home Loans shelved a $500m three year global bond, Hollywood Entertainment Corp ...

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