Lehman Brothers executives appear to have been overcome by optimism. While reporting dismal third-quarter earnings of 70 cents a share – way down on sell-side analysts’ consensus of 85 cents a share – Lehman CFO David Goldfarb made a point of stressing that the firm’s backlog of deals across the board was looking quite healthy.
High-yield and high-grade bond issuance backlogs rose $8 billion apiece this quarter to $27 billion and $24 billion respectively, compared with the end of 2001, while M&A hit $62 billion, up $9 billion.
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