Carnage in the Euromarkets has left them barely functioning. Only a few investors retain an appetite for the fray. Underwriters are trying above all to stay out of trouble. Most borrowers are searching in vain for credit at palatable prices. Amid the wreckage of emerging-market portfolios and sky-high spreads on many corporate bonds, an elite of multilateral banks and state agencies forms almost the only group able to find attractive financing. Overall in the Euromarkets, says Andrew Pisker, global head of bonds at Paribas, “there’s very, very little liquidity”.
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