Economics
Bond Sales Diminish as Renault Trims Offering: Credit Markets
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Bond sales fell and the cost of protecting against default on Greek government debt rose to a record as concern the global economy may slow brought new signs of stress to credit markets.
Company debt offerings globally declined 3.8 percent this week to $38.6 billion, according to data compiled by Bloomberg. Renault SA, France’s second-biggest carmaker, reduced a bond sale by 20 percent, citing “more difficult” market conditions. Universal Health Services Inc. cut the amount of loans it’s seeking to buy Psychiatric Solutions Inc. by 19 percent.