Loans: the real power behind the corporate bond business
Two things are clear from the first quarter DCM league tables: there’s more money in being a top 10 corporate bond house than there has been for years — and the composition of top 10 is changing faster than ever before. The reason: Europe’s banks are demanding the juiciest-ever bond mandates in return for extending loans to their closest relationship clients.
The first quarter reporting season is about to get under way and the anecdotal evidence so far suggests that debt capital markets is going to make a bigger contribution to the bottom line than it has in years.
Surging corporate bond sales are a key element along
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