REMEMBER THE DAYS when issuance from US agencies was booming and their calendars dominated the primary markets? The excitement created by a brand name corporate announcing plans for a benchmark issue? Well those days are back – for now at least. Easily understood, corporate credit is now the order of the day, an understandable outcome of so many investors having had their fingers badly burnt on US sub-prime asset-backed securitizations and mezzanine tranches of sub-prime ABS CDOs.
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