Global corporate net debt has been falling in the past year as higher borrowing costs reduce the appetite for new financing.
Higher borrowing costs are reducing the appetite for new financing as corporations take a more conservative stance.Jerome Powell, chairman of the U.S. Federal Reserve.
The study of 900 top firms showed indebtedness is expected to decline by $270 billion in the coming year caused by higher interest rates and anaccording to the corporate debt index by investment firm Janus Henderson. "Economic growth may slow or go into reverse, but companies are starting from a very profitable position," said Seth Meyer, fixed income portfolio manager at Janus Henderson.While the trend globally was to trim borrowings, U.S. companies' net debt rose by 0.5% in the past year, the study found.
U.S. Treasury Secretary Janet Yellen listens to President Joe Biden during a hybrid meeting with corporate chief executives and members of his cabinet to discuss the looming federal debt limit.
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