Euro investment-grade liquidity survey

The market was transformed during the period covered by this month's survey of secondary market liquidity in the euro investment-grade sector. Concerns about subprime and the ensuing liquidity crisis brought some issuance to a standstill, with inevitable consequences for secondary trading. "The world changed between the end of July and the start of September," says Jean-Luc Lamarque, global head of syndicate at Calyon in London.

The financial sector was affected greatly, suffering some of the big

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