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"The real issue around banks is about capacity. Banks will be wary of being sucked into too may large financings too regularly"
John Mayne, JP Morgan Cazenove |
The investment-grade corporate market has not been afflicted in the same way as high-yield debt and structured finance by the credit crunch. High-quality corporate credit markets have quickly reopened, especially in the US, where investors and issuers witnessed rampant volumes in August and September.
The European market suffered from a more faltering start to the prolonged summer break. At first it looked as if AstraZeneca’s seven-year €750 million deal had revived the European corporate sector but the travails of Northern Rock put Europe flat out on its back – until the Federal Reserve’s rate cut, that is.
A return to roadshows
"There are windows of opportunity – this trade shows that if you do it well deals can get done,"...
