The Big Picture points us at this chart from the NYT, using Thomson data. The implication is that the investment grade bond markets have rebounded somewhat due to the extension of government guarantees in this area. Syndicated loans, in which multiple banks lend to a single corporate borrower directly from their balance sheets, have not shown any substantial recovery. The banking system's ability to support a corporate banking business is still substantially impaired, which bodes ill for a recovery in the next 12 months or so.
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