Amid all the noise of the markets, it is the relative silence of the corporate-bond market that may be most troubling.
Since August there have been just seven U.S. junk-bond deals, according to Dealogic, and 83 deals for all of 2008. Not only is that total a fraction of the number of deals done last year, it is just one-third the number done in 2002, the last time that market struggled.
Even the market for the most highly rated corporate bonds remains fickle. The pace of U.S. investment-grade deals has slumped by about 25% during 2008. The few issues that ...
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