Credit crunch lessons in debt capital markets
Who’d be a DCM head in 2007 or 2008? These bankers would. Alex Chambers finds out what the head officials at leading banks think are the key lessons the market has learnt and what the future holds for debt capital markets.
2. How has the credit crunch altered the way clients are deciding upon and conducting their financing requirements?
3. One of the most remarkable results of the credit crunch has been the removal of the formerly ubiquitous league table trade. It is now very difficult to purchase market share via this method. How important is a firm’s market share to winning business compared with a year ago?
4. With liquidity now at such a premium, is providing it more important to clients than the much-heralded integrated, solutions-based approach to capital?
5. Is the recent surge in issuance sustainable? Is it a function of either a backlog or uncertainty over future market conditions?
6. 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?