Bond Bankers Have 144 Reasons to Fret Over Underwriting Frenzy
This article is for subscribers only.
Wall Street’s biggest firms can’t get a break in the bond business.
With trading profits dwindling, more dealers than ever are fighting for assignments managing U.S. corporate-bond sales, one of the few bright spots in fixed income. Companies from the most-creditworthy to the most-indebted have been selling trillions of dollars of debt, locking in record-low borrowing costs ahead of the anticipated rise in interest rates.