One of the important events that has become a real problem this year is rising global interest rates. While it is expected that interest rates would raise the debt payments that a firm has to pay to its lenders, it may not be as intuitive to understand what high interest rates do to the flow of funds. W r i t e a short answer as to how investment banks, as intermediaries between firms in M&A transactions and bond holders, are being negatively impacted by high interest rates, especially when there is a greater amount of time between the initial raising of capital and the deployment of this capital.