'And here history rattled over the points'

Send us Fan Mail◆ Issuers and investors look for clues after violent price swings ◆ Which borrowers will lead autumn deal spree ◆ How pricing has shifted in primary marketThere are moments that change what is to come. When poor US employment data and corporate earnings, and a rise in Japanese interest rates last week sent the markets into a tailspin at the start of this one, it changed how issuers will approach the capital markets when issuance volumes start to ramp up later this month. And this year, the autumn issuance window is particularly important with the fractious US election threatening to make October and November an ill advised time to be in the capital markets with lots of funding to do.We discuss how this week's turbulence has changed the picture for borrowers making plans for the rest of the year in terms of timing and pricing of deals. As one of the characters in Alan Bennett's play The History Boys notes, there are times when events force people down a different course — "and here history rattled over the points", he says. Was this week one where the capital markets headed off down a different track to the one they thought they were on? We find out.