Requiem for a market

The depressed levels of bank debt in the secondary market have all but killed the new issue market and without any significant pockets of liquidity immediately available, it will be a long time before prices recover. With the market still paying for previous excesses, the effort to fix existing problems will shape the leveraged finance market in both the US and Europe throughout 2009. Michelle Sierra Laffitte and Donal O'Donovan report

Financial Services