Since founder Jim Casey left United Parcel Service Inc. after more than five decades in charge, the company’s chief executive officers have served for an average of 5 1/2 years. Scott Davis reaches that milestone in June.
Loans used to fund buyouts in Europe fell 44 percent in the first quarter, the biggest decline in three years, as the number of banks willing to underwrite the debt shrank because of tighter capital rules and a smoldering fiscal crisis.
JPMorgan Chase & Co. is tightening its grip on the global corporate bond market while Bank of America Corp. sees its market share decline with issuance on pace to exceed $3 trillion for a fourth straight year.
Corporate bond offerings worldwide plunged in the third quarter to the lowest level since Lehman Brothers Holdings Inc.’s 2008 failure as Europe’s sovereign debt crisis caused investors to shun all but the safest securities.
Low interest rates proved mightier than concern about Europe’s precarious economics in 2011. The opportunity to refinance debt at low rates drove $2.9 trillion in corporate bond sales, the second-highest total on record, after 2009’s $3.2 trillion.