Credit markets have contracted dramatically in recent months and all but the safest borrowers, which have benefited from a flight to quality, have had to pay a high price for funds. On the buy side investors want assurances that they will be protected from risk. The banks that have performed best in this year’s capital-raising poll are therefore those that have come furthest in developing complex products that can save money for borrowers and enable lenders to hedge effectively.
September 01, 2002