Just a few years ago, the market was as wide open as it had everbeen, allowing borrowers to raise money for anything andeverything. But times have changed. Even before this month's U.S.presidential election, companies had been selling the debt at theslowest pace since 2009, and the surprising outcome hasapparently chilled issuance even more.

Borrowers have raised just $11.4 billion so far this month, theleast for the period since 2008. While it might be easy to dismissthe development simply as a sign that borrowers have enough moneyfor the foreseeable future, under the surface it seems as if somebigger forces are at work. Investors don't seem to want to buyjunk-rated debt anymore unless they're amply compensated for therisk.

Consider, for example, a planned debt sale by Conduent, whichwas spun off from Xerox earlier this year. The new company hadabout $7 billion of revenue last year. It will provide services togovernments and industries, as opposed to selling the photocopiersand scanners that Xerox is known for.

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