By Dwight Cass
The crisis thinned the herd, but survivors aren’t as irreplaceable as they think.
The financial crisis thinned the banking world’s herd. But its survivors are not as irreplaceable as they might like to think. Big underwriters have been shepherding trillions of dollars of debt to market this year, collecting significant fees while having to put little risk-adjusted capital on the line. But some treasurers and investors argue that these firms are more or less interchangeable. The story with bank lending is more complex—a number of factors still constrain the availability of credit. But treasurers with pending loan renewals or those looking for new money are not wholly without their options, either.