How has the credit crunch altered the way clients are deciding upon and conducting their financing requirements?

Jim Esposito, head of syndicate and debt financing at Goldman Sachs
Funding decisions are more important than ever before. Discussions with borrowing clients have become much more strategic in nature and are taking place at much higher levels of an organization. Borrowers are looking for sound advice and a safe pair of hands. Funding decisions and execution tactics are anything but cookie-cutter. The difference between success and failure is much greater than a year ago.

Jean-François Mazaud, deputy head of capital raising and financing at SG
Since June 2007, we have observed three different phases:

From July to December 2007: what I would call the denial phase. After the initial shock of the summer crisis, issuers were either believing that the crisis would be subdued or that it would not have any material impact on their balance sheets.

From Jan 2008 to March 2008: the dark phase. All market...