Credit deals of the year 2002

Hardeep Dhillon , Oliver Holtaway and Saskia Scholtes polled more than 60 bondholders to find the best – and worst – deals in 2002

The credit markets last year were some of the most volatile in living memory with many large borrowers experiencing unprecedented swings in bond spreads.

In such times, investors want reassurance from bond issuers, transparent accounting, clear bondholder communication and solid protection covenants. But most importantly of all, and not entirely unrelated, they want good secondary market price performance.

Since many issuers failed to pass muster on the first set of criteria, those

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