How debt capital markets have changed. Now, when you phone an origination official to ask which borrowers really stand out in the past 12 months, they struggle to conjure up even a handful of names on the corporate side.
Is it a sign of the maturity of the bond market in Europe or has the nature of the debt business truly changed? Although the mainstream debt capital market is growing, it is rarely where the more interesting (or profitable) business takes place these days.
Talk to most originators and they say derivatives and behind-the-scenes structuring is where the real action is. The number of pure origination officials has been...
