This year’s underlying trends look set to continue in 2001 – these being the threat to liquidity through banking consolidation and the changes to regulatory conditions. The newly consolidated, recapitalised Japanese banks’ return to the market will be liquidity’s mitigating factor for top level corporates. Additionally, the greater need for banks to diversify heavy telecom portfolios should lead to increased liquidity in other sectors. A continuing dilemma for all will be the wisdom and usage of ‘one stop shops’.
