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.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Declarations of independence

Research teams are ruined if they lose their reputation. Read what some of the top analysts say about how they maintain independence from sales teams.



       
Said Saffari

Marc Pinto, head of high-grade credit research at Merrill Lynch, recalls taking part in a roadshow in the US last year for a tier-one capital-raising issue from a European bank. Merrill Lynch was co-arranging the deal with another firm. Pinto's job was to discuss the credit strengths and weaknesses of the bank with potential investors.


During the roadshow, bond spreads started to tighten to such a degree that Pinto felt there was no more left to go. "I just felt that the bull run in tier-one credit spreads had come to an end."




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.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

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

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, 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

LOGIN NOW

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