In European bond markets it’s almost time to put up or shut up. As Emu draws on apace, there’s increasing confidence about the emergence of a European bulge bracket. The US experience suggests it’s best to be part of that bracket on day one – it will get harder and harder to barge your way in later.
For those banks that have been throwing money at the bond business, it will soon be time to assess whether their investments have paid off.
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