When Morgan Stanley and Lehman Brothers quantified the knock taken to their leveraged lending business over the summer in their Q3 earnings statements, much was made of the figures: $726 million for Morgan Stanley and more than $1 billion for Lehman Brothers. But figures like this can disguise more than they reveal – and what the past couple of months have certainly revealed is how random marking to market becomes when there is a massive mismatch between demand and supply.
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