ast year was a remarkable one for financial institutions in the debt capital markets — all the more so when compared with what had gone before. During 2002, financial institution spreads had barrelled wider as the market lost faith in many leading names. That process was reversed in 2003 as economic growth began to restore confidence in the sector. Spreads rallied vertiginously, making 2003 a seller’s market — and for the first time, insurance companies were in the vanguard. Sebastian Boyd reports.
January 16, 2004