JUST OVER A month ago when Euromoney was interviewing US debt capital markets heads about prospects for the primary markets in May, pretty well everyone was gloomily predicting a quiet month. After a strong start to the year, US issuance in March and April had been disappointing. A lot of banks were predicting that the US primary business would be be down year on year, reasoning that with no immediate prospect of economic growth, a spurt of new funding was unlikely.
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