Aiming for The Second Tier

Keegan, Jeffrey
May 2003
Investment Dealers' Digest;5/26/2003, Vol. 69 Issue 21, p28
Trade Publication
Debt markets are providing an impetus to the financial services industry during 2003. When Merrill Lynch & Co. and Goldman Sachs & Co. reported their first-quarter results during 2003, both firms attributed a good portion of their overall positive performances to strong earnings of their debt franchises. A vast majority of proceeds raised in the high-yield market is paid down in bank debt, providing yet more leverage to the banks. Investment banks are likely to change their approach to the debt capital markets.


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