Quality issuers – We’re dedicated followers of fashion

Another year and the latest borrowing fashions are already on display. This year's look is big and liquid. Rather like last year's in fact, but even bigger. Are top-rated issuers getting carried away by the benchmark trend? By Michael Peterson

   

Remember jumbos? Those enormous, highly liquid bonds that would set a benchmark for years to come? In 1989 the first global bond, issued by the World Bank, was an earth-shattering $1.5 billion. Now big deals have become so commonplace that the word jumbo seems to have fallen into disuse. “This year we will see a few borrowers pushing the envelope in terms of size,” predicts Niall Cameron, global head of fixed-income syndicate at ABN Amro.


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