Heavily indebted companies have helped to lead the stock market charge higher.
that track, among other issues, so-called fallen angels that fell from the low parts of investment grade before the crisis to junk now.SPDR Bloomberg Barclays High Yield Bond"The zombie companies are those firms that are able to borrow in effect cheaper than they should given their revenue, and they're able to stay in business," said Steve Blitz, chief U.S. economist at TS Lombard.
The distinction is that the central bank is looking to keep the markets flowing, but it is not looking to be a major player and its programs are aimed at market functioning and not picking winners and losers. "What they're talking about is not so much zombie firms but firms that would otherwise just shut down," Blitz said. The companies "can say, look, we can borrow money over the next few years. These aren't grants."
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