Liability Management (LM) – bond buybacks, exchange offers and amendments to bond terms and conditions – was a key theme in the debt markets in 2004 as we saw a surge of transactions for corporates across Europe. Following a period of relatively muted activity in early 2005 the sceptics were questioning whether LM might have been a passing trend. However, a recent resurgence of activity in the LM arena has confirmed that this treasury management tool is here to stay.
