It looks like a lean year for arrangers of debt and equity. With half the world heading for recession, many companies are cutting back investment programmes and do not need to raise capital. With many analysts predicting a second market crash, volatility could get worse before it gets better thereby sending corporate borrowing costs beyond acceptable levels.
So where will investment bankers find new business this year? The answer, says Chris Bataillard, managing director of corporate finance at JP Morgan in London, is in the telecoms industry: “Unlike most manufacturing companies, telecom firms are embarking on significant investment programmes and will continue to need a huge amount of capital.
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