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.

Are investors’ decisions over risk and return becoming more rational? To what extent do the market’s fears over headline risk, as opposed to credit, determine what advice you give to clients?

Miles Millard, European head of debt capital markets, Deutsche Bank
Investors have built up significant pools of liquidity over the last six months that they are now putting to work as the headline risks are easing and spreads have stabilized at levels that offer value.

Jean-François Mazaud, deputy head of capital raising and financing at SG
Investors’ decisions may have become more rational, although we are of the opinion that they are not at all the only parties responsible for the irrationality of the market in H1 2007. Headline risk is clearly important, as well as the credit or equity story for them today. Access to liquidity is also more and more scrutinized.

Roberto Isolani, joint head of global capital markets at UBS
Yes, I think they are. If the level of oversubscription that we have seen recently is anything to go by, the power is slowly shifting back to the issuers. Investors are doing a lot more of their own sector and credit work. The European market has become much more sector-focused and in some sectors (eg home building) there is still no price attractive enough to allow certain deals (eg 10-year and longer in size).

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