Despite Its Ups and Downs, It Really Has Been a Good Year

We are frequently guilty of focusing on each day or deal as it comes and often lose sight of the whole. And, so we were pleasantly surprised by a collection of data, which put his year’s capital markets activity in context and reminded us of the resilience of our industry. With bank lending at a nadir, it fell to the investment bankers to fill the void, which they have tried to do mainly with follow-on equity offerings and lately with the return of high yield. Neither is a perfect substitute for low-cost bank debt given size limits, cost and dilution

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