In what ways have the debt capital markets been changed most significantly by the credit crunch?

Roberto Isolani, joint head of global capital markets at UBS
The dynamic between issuers and investors has changed completely. Investors now have all the power and issuers have had to become much more realistic in terms of pricing. At first, they were in denial about the collapse of the markets, but have since come to accept that the living was just too easy pre-August 2007.

Jim Esposito, head of syndicate and debt financing at Goldman Sachs
The deepest pockets of available liquidity have been pushed further out the maturity spectrum.