In the capital-raising stakes, 2001 could not have been more different than the previous year. After some astounding equity valuations in 2000, particularly in technology, media and telecoms and the subsequent nosedive of those stocks, markets have returned to more realistic levels. Coupled with a slowdown in growth in the US and Europe and aggressive rate-cutting by the US Federal Reserve, 2001 has been slow for equities, particularly new issues.
In contrast to the gloom among equity traders the debt markets have rarely had it so good. Active debt markets have engendered a favourable environment for borrowers and a boom in interest in credit product among investors. Though some on the equity side argue that not everything is bad in the stock markets, 2001 has been the year of debt.
Michael Turnbull, managing director, debt capital markets, at Morgan Stanley, sums up: "2001 has been an outstanding year.