Risk Europe 2003: High credit volatility is here to stay, says Lehman’s Rieder

The dramatic decline over the past couple of years in equity hybrid capital-raising through convertibles, the effective 'closure' of the commercial paper market and a drop-off in syndicated loans – particularly those lasting a year or longer – has meant corporates have little option but to tap the term market to meet their financial needs.“It has permanently enhanced the potential for credit volatility,” Rieder said. He believes this would be the case even stripping out recent corporate fraud

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