LAST OCTOBER, a group of 26 European investment firms signed a paper calling for improved market standards in the sterling and euro credit markets. One of their main complaints was that secondary market liquidity was generally poor for corporate credit paper and that “the willingness and ability among lead managers to provide an active market in the instruments they underwrite varies significantly”.
The signatories to the paper also noted that although banks consider that volume league tables of primary issues are important tools when competing for new-issue business, they do not provide much useful data.
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