Two U.K. companies' travails show the cost of underfunding defined benefits.
With buyout loan covenant violations on the rise, more highly leveraged companies must turn to the bond market. But more issuance could hurt prices.
The balance sheets of the four banks closed Friday were disproportionately made up of such loans compared to the industry average.
Citi, B of A, J.P. Morgan, and Wells Fargo may have to raise fresh capital after bringing bad assets onto their books, Congressional report warns.
Widening spreads in the high-yield bond market bode ill for companies that have not de-leveraged.
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