Author: Michael Shari


Global investment banks will face a tremendous challenge as they strive to continue running their underwriting businesses at the elevated levels they reached in 2013.

Many of the largest banks on Wall Street reaped a windfall in debt capital markets in the first half of the year, as corporations that wanted to refinance their debt at a low cost issued new bonds in anticipation of the US Federal Reserve’s raising rates.

In the fourth quarter of last year, investment banks rode the tail end of a year-long bull market in US stocks, underwriting equity issues for companies that wanted to cash in before a new