The highly volatile debt capital markets of the past 12 months have provided an extraordinary set of challenges to borrowers, whether they be highly experienced and well-rated issuers or less creditworthy newcomers. The borrowers which Euromoney here hails as the best from across the world are those who have coped best with markets that one moment are closed, and the next eager for new issues, that one moment cry out for credit risk and yield, and the next are hostile to any but the best-rated names. Some issuers have succeeded by timing their entry into the markets shrewdly. Others have had to show abundant flexibility and innovation to raise funds when investors have been at their most risk averse. Sovereign and agency issuers have pursued the trend towards large, liquid deals, though some now fear investors are being saturated. A wide variety of lower-rated and even some high-rated names have pushed the boundaries of securitization technology in an effort to diversify funding sources. And public corporates have learned the importance of strong debt management to their equity valuations.

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