Finally, I think you will see equity issuance by the leveraged buyout funds.

But swallowing $36 billion of new equity issuance will be a lot for even this bull market to stomach without a hint of indigestion.

"The large equity issuance does raise some questions," Cohen wrote early in 2002.

Global equity issuance: $505 billion, €450 billion (2004), $388 billion.

That is one reason why debt issuance far surpasses equity issuance in currency value.

He wrote that "extreme" pressure to cut debt would create "the need for substantial equity issuance."

Is that really funds flow or is it cash from equity issuance?

As a result, investors will place a lower value to the new equity issuance.

Widened spreads in the high-yield markets reflect, in part, a reduced potential for new equity issuance to support debt servicing.

In financial markets, an equity issuance is the sale of new equity or stock by a firm to investors.