Dewey predicts further law firm bond offerings after its own $125m issue

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  • I expect this will become more common among the largest firms, especially those making long-term investments in (say) international networks. Many firms are wary of the refinancing risk on shorter term facilities, but the credit crunch has resulted in the near impossibility of arranging medium term finance from banks over 5 years, and their preference is for 3 years. However, whilst it is technically possible to arrange bond finance on a private placement basis in very small amounts, bondholder appetite and high arrangement fees mean such finance is only likely to be available and economically viable in large chunks.

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