Bank capital sector takes a knock

Although business picked up towards year end, bank capital issuers had to work harder than ever in 2002 to get deals done. Volumes were down, spreads widened and transactions were pulled as investor confidence hit historic lows. But those issuers that remained flexible were rewarded, and a flurry of successful deals in the run up to Christmas set the stage for a healthy 2003. Chris Newlands reports.