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, but it is all we have.

As writers, we are not big fans of PowerPoint, in general, but often there is a slide or two that reminds us that a picture is worth a thousand words. Such was the case in the presentation made by Anup Mysoor of Citi at our recent conference in Busan.

From Mr. Mysoor’s presentation we have chosen three slides that we think demonstrate where we are today and what has been accomplished to date.
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