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. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

Why corporate business is king

At the IMF/WB meetings the great and the good of the international bond markets gathered 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.

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.


That’s all changed. Every investment banker on Wall Street is constantly on the road to S&P 500 companies. Their message: leverage up and buy now, before someone gets you. And beware of the big, bad private equity player coming to stalk you.


In debt, while overall corporate supply remains down, most originators don’t want to talk about the latest jumbo issuance, they want to talk about the benefits of hybrid debt for corporate clients. A handful of issues are the focus of attention in a multi-billion dollar market. These are the trophy mandates of 2005.




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