Corporate Debt Becomes Market of Haves, Have-Nots: Credit Weekly

Investors are quickly dividing corporate borrowers into the haves and the have-nots.

Worries about the health of banking systems on both sides of the Atlantic, increased market volatility and another round of interest-rate hikes from central banks are creating a dichotomy. Companies with investment-grade credit ratings are still finding reasonable access to credit, even if at a higher cost. Those with low ratings, meanwhile, are seeing their debt being shunned.

Eighteen blue-chip companies rushed to market this week after a six-day halt that was caused by the collapse of Silicon Valley Bank and the forced takeover of Credit Suisse Group ...