Banks are THE biggest issuers of international bonds, accounting for 60% of new issues captured by Dealogic in the past five years, far outstripping corporates (23%) and sovereigns and supranationals (10%). And for much of the first half of 2002, as credit markets were rocked by a series of corporate misdeeds, banks, along with agencies and supranationals, benefited from a flight to quality. Recently, though, it’s been their turn to suffer in unfavourable markets.
In the spring of 2002 Crédit Lyonnais, Bradford & Bingley and Royal Bank of Scotland managed to issue at very attractive levels.
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