The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Global financing 2001: Issuers shift from equity to debt

Global capital markets rarely look gloomy at both ends of the fund-raising spectrum, as the past year's momentous events indicate. The primary debt business is robust and active whereas equities are still shaking off the hangover that followed the indulgences of the tech stock party. Jonathan Brown sketches in the background to this year's Euromoney capital-raising poll which the universal banks dominate

Capital raising results

Risk management results

Global financing methodology


View graph.

In the capital-raising stakes, 2001 could not have been more different than the previous year. After some astounding equity valuations in 2000, particularly in technology, media and telecoms and the subsequent nosedive of those stocks, markets have returned to more realistic levels. Coupled with a slowdown in growth in the US and Europe and aggressive rate-cutting by the US Federal Reserve, 2001 has been slow for equities, particularly new issues.

In contrast to the gloom among equity traders the debt markets have rarely had it so good. Active debt markets have engendered a favourable environment for borrowers and a boom in interest in credit product among investors. Though some on the equity side argue that not everything is bad in the stock markets, 2001 has been the year of debt.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree