On the crest of a wave

By mid-March, the consensus among leading investment bankers on both sides of the Atlantic was that there was no let up in sight to the issuance frenzy which the bond markets had experienced since the turn of the year. As long as investors were willing to buy, borrowers would bring debt to be sold.

Corporate borrowers have been deprived of many key sources of funding. Some areas of their traditional funding structures are operating at a reduced capacity, while others are just plain broken and lik

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