Liability management can be a double-edged sword. Get it right and everyone showers you with plaudits about your relative sophistication as a borrower and how attentive you are to addressing investors’ wants and needs. Get it wrong, however, and your name is quickly mud and the world and his fund manager wife are soon griping about how naive you are and how difficult it will be for you to achieve your funding target for the year if you carry on in a such a cavalier, market-unfriendly manner.
Guy Norton,
January 30, 2007