Revolving draws
As uncertainty cloaked the capital markets late last year, a number of corporates tapped committed revolving credit lines originally intended as backstop facilities. Could a potential surge in drawdowns affect banks already constrained by capital? Christopher Whittall reports
Hard as it may be to believe in these turbulent times, cheap credit was easy to come by for much of this decade. As recently as the first half of 2007, the going remained good for borrowers, with credit spreads locked at historically low levels. And in the ultra-competitive loan business, banks looked to increase market share by extending funding to even the lowest-rated corporates while at the
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