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The international capital markets are in a very mixed mood after a generally buoyant 2000. The extraordinarily rapid change in sentiment towards technology, telecommunications and internet stocks has seen former darlings of the market turned into pariahs. The high yield market is closed as a result to all but the most resilient - or desperate - issuers. The slowdown in activity in bond markets comes at a bad time. European telecoms companies have borrowed heavily to finance the purchase of third-generation mobile licences. They did so in boom times, and are now trying to refinance in a far more difficult climate.
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