Jean-Luc Lamarque: In 2008, the market was particularly stirred up in the aftermath of the crisis. Early in the year, volume was rather weak, but then an improving market helped to launch a number of sizeable new issues, with substantial liquidity in eager investors’ hands after months of new-issue drought. Late 2008 was overshadowed by the September collapse of Lehman Brothers, which gave the market pause for a month.

Julien Lefournier: The crisis caused liquidity to dry up in the market for bank loans. A majority of banks are therefore having difficulty in guaranteeing refunding to their clients, even as they themselves are often taking shelter in government guarantees. They can only offer short-term liquidity and much more expensively than in the past. Today, companies needing refinancing thus turn more to the bond market. However, the conditions of access to this market are still restrictive. Companies with ratings below A- or in the sectors most exposed to the economic crisis are having a much harder time gaining access to it.

Julien Lefournier: The support of Crédit Agricole Group is a crucial element, especially in a time of crisis. The Group’s financial solidity is an essential advantage. It helps build clients’ confidence and enables us to deal with mandates of considerable size in all sectors of activity. The bank’s relationship-based culture also plays a very important role in a difficult economy. Furthermore, the strategic orientations to which we have been committed for several years are paying off. The emphasis on the bond business has enabled Calyon to make considerable progress in an increasingly complex and changing marketplace. Finally, the reorganisation of business lines has confirmed the place of the bond business among Calyon’s strategic activities. Along with improved alignment with the Coverage and Investment Banking (CIB) division, it has strengthened coordination focused on the client.

Julien Lefournier: For 2008, we could quote Danone in France. The two issues realised on April (3 and 7 years, EUR 2.25 billion) abd on November 2008 (EUR 1 billion - 5 years) are significant because they signal Danone’s return to this market, in the framework of refinancing the acquisition of Numico.