Dollar High Grade corporate - Winner: IBM

Bookrunners: Bank of America, Barclays Capital, Credit Suisse, Deutsche Bank

As IBM prepared to launch its $4 billion deal in October, the conditions did not look promising. In the three months to September, the US high grade debt market had largely ceased to function; modest deals came and went, and attempted benchmark trades were often downsized due to less than lukewarm demand. So when the IBM trade was launched on October 9 - on a day otherwise notable for the Dow Jones plunging 700 points -