US junk bond market starts to crack under inflation and supply fears [FT.com - Mergermarket]
Illinois Tool Works Inc. (ITW)
Last illinois tool works inc. earnings: 1/31 08:00 am
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Source: FT.com - Mergermarket
Soaring inflation and supply chain bottlenecks have begun to crack the $1.5tn junk bond market, as the lowest-quality borrowers show signs of stress.Unlike the falling stock market, junk bonds had largely escaped worries over the economy as surging pricesadd coststightenThis week shook investors’ confidence, forcing a sharp reappraisal of the health of the high-yield market where lower-rated companies raise cash.ATM machine manufacturer Diebold Nixdorf and pharmaceutical company Bausch were among several companies whose debt dropped steeply in value after reporting hits to their financial results. The moves helped to drag the broader high-yield bond market to its worst level in 17 months.“The brutality of the equity market has now come to high yield,” said John Dixon, a high-yield bond trader at Dinosaur Financial Group. “[This week] I feel like I’ve been sat in the spin cycle of a washing machine.”Bausch , one of the largest issuers of high-yield bonds in the , missed analysts’ ea
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ITW
Earnings
- 2/1/24 - Beat
ITW
Sec Filings
- 3/25/24 - Form DEFA14A
- 3/22/24 - Form DEFA14A
- 3/22/24 - Form DEF
- ITW's page on the SEC website