In the first half of 2003, we have benefited from the seemingly contradictory drivers of recovering equity markets, low and falling bond yields, and low and tightening credit spreads. These have combined to make corporate borrowing conditions as good as many of us can remember. The question that will concern many treasurers, as they consider their funding plans for the balance of 2003 and 2004, is the extent to which these conditions will persist.
