Credit Crunch

Columnist

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Time for a quick history quiz. Who created the European corporate bond markets?

Was it forward-looking corporate treasurers who didn’t want to rely purely on banking relationships for their debt funding? Or innovative investment bankslooking for a fixed-income revenue stream to supplement their government bondtrading?

Both to some extent. But if you want the real answer, it was the little guy – the private investor, the retail buyer, the proverbial Belgian dentist.

Continental Europeans di

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