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 Boeing’s shares have lost close to 60% of their value so far in 2020 but on Thursday - in a matter ... [+] of hours - the company raised $25bn 
 
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</figure>However economically conservative businesses and investors are vowing to become as a result of this crisis, debt is showing no sign of becoming a dirty word. Indicative of just how powerful monetary policy signalling can be, investors this week scrambled to throw money at Boeing, the aerospace giant that’s being pushed to the brink.Boeing’s shares have lost close to 60% of their value so far in 2020 but on Thursday - in a matter of hours - the company raised $25bn. If every order for bonds had been filled, the deal would have been three times as big. <div><div>Today In: Careers</div><ul><li>‘Reach Out And Touch,’ Before COVID-19: Diana Ross And Daughter Rhonda On Self-Care. Part 1</li><li>How To Recover From Psychological Aftershocks Of Lockdown During Mental Health Awareness Month</li><li>How To Keep Working From Home After COVID-19</li></ul></div>A few months ago there would’ve been nothing at all unusual about this scenario. As America’s largest exporter, Boeing is an economic lynchpin. Regardless of what it’s credit rating might at any given time imply, it’s simply too big to fail (a rare point that both Donald Trump and the sharpest minds in the market agree on).The prospect of being able to lend money to that calibre of company in return for even the most anemic slither of yield is quite frankly delightful, but the world has changed and the riptides of coronavirus have torn Boeing with it.<div></div>The company is burning through cash and even before Thursday’s bond deal it was sitting on $39 billion of debt. Earlier in the week it reported a $641m net loss for the first three months of the year and warned that it would cut 10% of its workforce while also slashing production of commercial aeroplanes.Global supply chains have been upended by the crisis and some are saying the damage inflicted on them might prove irreparable. A fresh wave of protectionism and a new focus on nationalised procurement could well be on the cards for years to come. Social distancing measures and lockdowns will of course relax, but our approach to air travel might shift considerably in the long run. The Boeing we know won’t go bust, but as the world around us changes, operating models will change too. A smaller, more streamlined Boeing of the future, with fewer fingers in fewer pies and a less sprawling network of dependents, might suddenly not look quite as systemically important. This week, though, the Fed’s voice boomed far louder than any whispered concerns over the fact that investors may be pumping money into a company with an uncertain future. In March, the central bank announced that - for the first time in history - it would buy corporate bonds, including the riskiest investment-grade debt. That was on top of a pledge to snap up as much government-backed debt as needed to bolster the battered market. Since then companies have engaged in a true issuance frenzy. Thanks to Boeing’s bumper transaction and similar deals from the likes of IBM on the same day, April became the busiest month on record for US investment grade corporate bond issuance. Some, like Boeing, obviously need the cash, but others are loading up just because there’s seemingly no good reason not to. It’s a signal that whatever humility companies might be striving to adopt in the months and years ahead, the lure of cheap cash is still irresistible.What that means for markets in the long is hard to say. If there was a chance of interest rates rising any time soon - pulling the cost of borrowing and therefore refinancing higher too - then that might be cause for concern. But there isn’t. This recession is going to be long and protracted and if rates are going anywhere then it’s certainly not north. Much of the debt being issued at the moment also doesn’t have to be paid back for years - in many cases not for twenty or thirty years. Anything can happen in that time and even if Boeing’s flight path ahead is far from clear, many other businesses will likely be in a much better financial shape then than they are now.But the debt binge should nonetheless raise concerns. Nobody anticipated this crisis and it’s unlikely anyone will anticipate the next.  A hyper-leveraged corporate landscape is simply more vulnerable to shocks.One real concern is the increasing amount of debt, including Boeing’s freshly-minted notes, that are rated BBB - so on the cusp of what’s considered high-yield or junk. Some investors’ mandates mean that if their assets are cut below investment grade they have to be dumped and forced selling is a great way to start a bloody chain reaction. Boeing could feasibly become one of those fallen angels in the next few months. Two of the three major ratings agencies have already signalled that a downgrade could be on the cards. If the behemoth really is too big to fail, then it will certainly be fascinating to see just how big a splash it’s capable of making. <div id="lightbox-inline-form-fb993f59-fd1e-40ed-9e3f-dd68d1f7edfa"></div>

Dpa/picture alliance via Getty Images However economically conservative businesses and investors are vowing to become as a result of this crisis, debt is showing no sign of becoming a dirty word ... Part 1 How To Recover From Psychological Aftershocks Of Lockdown During Mental Health Awareness Month How To Keep Working From Home After COVID-19 A few months ago there would’ve been nothing at all unusual about this scenario ... The prospect of being able to lend money to that calibre of company in

借贷狂潮：冠状病毒的警告并没有破坏企业对债务的胃口。但是，这将如何结束？