Mr Altman is especially worried by the large amount of low-quality debt issued in recent years, much of it to finance private-equity deals.

ECONOMIST: Business and the credit crunch

So they were only exposed to that risk of a run on the amount of mortgages that they had issued but which were not yet in a bond.

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There are signs, however, that private-sector investors' appetite for government debt may be just about sated, as they contemplate the vast amount of government bonds that are due to be issued this year and the ending of QE programmes.

ECONOMIST: Markets

In response, companies have issued a record year-to-date amount of high-grade bonds in the U.S., Thomson Reuters data show.

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An investor commits to giving a company a certain amount of cash over 18 to 36 months in exchange for newly issued stock at a discount (typically 3% to 6%, more for very small outfits).

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Many of them, as a new report issued last week by the Pew Centre points out, are conducting audits of the amount of greenhouse gases emitted by their plants and are taking on voluntary targets for emissions cuts.

ECONOMIST: Changing the climate of opinion

The guidance issued with its third quarter earnings report in October does not include the impact of this amount.

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