| Headline: A new league table - by quality Source: Euromoney Date: June 2000 Author: Brian Mooyaart Bond issuers need to take account of the success of lead managers at pricing as well as their ability to capture market share. The two do not coincide, according to Brian Mooyaart's research. Mooyaart contributes the following article and accompanying tables and Euromoney invites comment on their relevance and usefulness from the viewpoint of borrowers and banks. E-mail your thoughts to editor@euromoneyplc.com. As globally capable lead-managers become fewer, more placement-capable and more powerful, borrowers are increasingly asking which of them they should be considering for a public bond issue. The answer has become all the more important in view of record credit spreads in the market. Starting from a benchmark curve based on 25 of the most liquid and highly rated issues in each capital market, we have measured the issuing terms and conditions of over 500 issuers, as a spread above this basis curve. As spreads change, that change is shown up in the basis curve, which in turn goes on to reflect those changes throughout the ratings categories and sectors of those 500-plus issuers. |