Suddenly the search for higher yield goes out the window and investors, we are told, are clamouring for greater tradeability. The bond salesman's answer is super-jumbo bonds upward of $4 billion and market-maker commitments to dealing spreads of a few basis points. Big tickets, reversible short positions and hefty benchmarks are the result. Does this mark a sea-change in the bond markets or is it just a fin de siècle fad? The search for greater and greater liquidity hasn't yet been tested in a bear market. Peter Lee kicks off our 82-page report on the biggest, brightest and best of Euromarket names.
June 01, 1998
