LONDON - Companies around the world will take on as much as US$1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated.
"Covid has changed everything," said Seth Meyer, a portfolio manager at Janus Henderson, the firm that compiled the analysis for a new corporate debt index."Now it is about conserving capital and building a fortified balance sheet". Companies included in the new debt index already owe almost 40 per cent more than they did in 2014, and growth in debt has comfortably outstripped growth in profits.
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