At the IMF/World Bank meetings in Washington in September the great and the good of the international bond markets gathered in their droves to sell their wares to sovereign and supranational issuers. These potential clients remain some of the trophy issuers in debt capital markets, but they are not the kings of issuers they once were.
For much of this decade corporate business has been relatively slight: M&A volumes declined; the surge of corporate bond issuance of the late 1990s and early 2000s dried up, as companies sought to protect their ratings and started to generate huge free cash flows.
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