Whereas liquidity was the be-all and end-all at the start of the crisis, now the focus has shifted to the resilience of business balance sheets. We are now well into the second phase of crisis for companies as they file accounts, withdraw guidance and alter their business assumptions.
The good news is that the capital markets are well and truly open. Since the lockdown over £30bn of debt has been raised by UK companies across a range of sectors. Indeed, there has been a doubling of issuance in the US, the world’s largest and deepest capital market.
Companies have started