Cheer for DCM lawyers as sovereign issuers set to pick up where corporates left off
As corporate activity begins its long-awaited recovery in the aftermath of the financial crisis, life certainly promises to be eventful for debt capital markets (DCM) lawyers – which is a considerable improvement on last year. The consensus from deal lawyers is that the debt market is also showing signs of life. New data from Thomson Reuters highlights a healthy revival in DCM activity around the globe, with the first quarter of the year seeing a 37% rise in activity on the last three months of 2009. While Q1 global DCM activity was still down by 10% on the equivalent period last year, the market is no longer entirely driven by companies seeking funding because they have no alternative.
