Activity in the international bond market has been surprisingly frantic so far this year. Even allowing for the January spurt that, as expected, followed the lull at the end of 1997, volumes of issuance are unusually high. “We have seen a staggering amount of issuance in the market place” says Paul Richards, managing director of investment grade syndicate and secondary trading at Merrill Lynch. Says Jerome Lienhard, corporate treasury manager at Toyota Motor Credit: “It is surprising how much volume there has been, even though a lot of issues were withheld in the last quarter of last year.
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