As good as it gets

2003 review

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For the US credit market, the first week of January set the tone for 2003, with a barnstorming $20 billion or so of new issuance from a broadly diversified range of borrowers. Investors eagerly lapped up the new bonds in the belief that an imminent hike in interest rates, allied with a potentially protracted and messy war in the Gulf, would diminish supply over the months to come, with some believing that new issuance volumes in the market would be down by as much as 20% in 2003.

How wrong t

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