Turning off the tap

2004 issuance

The credit markets will begin the New Year much as they ended last year, with tight spreads and high demand. “January is likely to open strongly. That should set the tone for the year,” says Wylie Collins, managing director, debt capital markets at Merrill Lynch. In each of the last two years, bond issuance has been front-loaded, with around a third of bond issuance occurring in the first quarter of the year. That trend is likely to be exaggerated this year as issuers look to capital

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