Methodology SO FAR, 2003 has been a banner year for the debt capital markets. As they wound down for the holiday season, bankers were surprised and relieved at the range of borrowers raising capital and at the amount they had borrowed.

Low interest rates and rallying credit spreads have meant borrowers can access the markets on decent terms, regardless of maturity. The tightening of spreads on 30-year corporate bonds shows how investors are still looking to spread and to duration to make money. Sars and the US-led invasion of Iraq did not have the macroeconomic impact that many feared, though rising government bond yields may yet take their toll on investors.

Global financing 2003: Selling more products to fewer clients

Bankers are grateful for the bouyancy of the debt capital markets. But they are not letting the rush of business impede their efforts to broaden the range of products they offer clients and cut out unfruitful relationship banking.

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