Default risks in Dubai and Greece have apparently slammed the door on fragile global credit markets bringing the best credit markets seen in a century to a screeching halt. According to the London Telegraph Sixteen companies worldwide have pulled new debt issues worth more than $7.3 billion since mid January following an unexpected “material” rise in borrowing costs particularly among lower grade debt in the Eurozone. I expect stronger companies to weather the storm but concerns are certainly mounting as credit conditions deteriorate. This is particularly disturbing to me as it is to bond traders because private companies have been using the debt markets to raise money as an alternate to the EU’s shattered banking system.