BEWARE OF THE BEAR
It had to come. The Eurobond market had been living on Easy Street for four years. For the last 18 months it had been in a state of euphoria. The steady slide in interest rates meant that for most players it was difficult to lose money. Whether a bond was mispriced, an issuing house lacked placing power or its dealers proved incapable of staying in tune with the market, just hanging on to paper usually produced healthy profits.
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