JPMorgan Grabs No. 1 Underwriter Spot Spurred by Debt Refinance
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Jim Casey, co-head of global debt capital markets at JPMorgan Chase & Co., says 2012 was so spectacular that it deserves a moniker: the Year of Refinancing.
The cost of borrowing for companies fell to a record low of 3.24 percent last year, spurring the flood of deals. With rates so depressed, corporations, which typically refinance debt that matures in one or two years, issued replacement bonds for credit that’s due in four years. Casey says that doubled the potential number of clients for bankers, Bloomberg Markets reports in its April issue.