For the first time, global issuance of corporate bonds outpaced the volume of syndicated lending, according to data from Dealogic. Corporate-bond issuance reached $1.31 trillion so far this year, while syndicated-lending volume, which reached $4.16 trillion in 2007, shrunk to $1.08 trillion. The data highlight a shift happening between the markets. "It does show the tables have really turned," one banker said. "The questions are, will it continue like this, and is this a permanent shift of affairs?"
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