Best borrowers and Fixed income research polls 2009: How to be a good borrower
The debt market has rewarded the biggest borrowers and the largest – and least scarred – underwriters handsomely. A new poll of the world’s largest fixed income investors by Euromoney shows which issuers are accessing the markets most successfully. Alex Chambers finds out what is making the bond markets tick.
WHO SAID THE capital markets were dead? This year promises to be the biggest in history for investment-grade primary markets. Banks, beleaguered through much of 2008, are smiling again. In addition to rampant corporate debt supply, the boon of government-guaranteed bonds has provided a fortune in virtually risk-free profits for the biggest debt players. JPMorgan, top of the global DCM league tables, made over $500 million in revenues from the primary bond markets in the first five months of the year.