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SO FAR, 2003 has been a banner year for the debt capital markets. As they wound down for the holiday season, bankers were surprised and relieved at the range of borrowers raising capital and at the amount they had borrowed.
Low interest rates and rallying credit spreads have meant borrowers can access the markets on decent terms, regardless of maturity. The tightening of spreads on 30-year corporate bonds shows how investors are still looking to spread and to duration to make money. Sars and the US-led invasion of...
