The bond market has shown dramatic recent growth, particularly at lower credit quality levels. This has been driven by a number of factors including a move away from equities, lower bond market transaction costs and a change in bank behaviour. Bond IR aims to treat bond investors as important members of the corporate family, although balancing their information requirements with those of other investors can be a challenge. Bond investors have different objectives to equity investors – they care more about avoiding losers than picking winners. Current benign market conditions could allow the development of institutional standards as urged by the Group of 26.
