Liquidity has long been the Holy Grail for debt issuers and investors alike. The former are eager to reach the widest and most diverse audience on the buyside; the latter crave the security of knowing they can easily trade out of their positions.

For years, the attraction of deep liquidity has put the spotlight firmly on the public bond market, which plays host to the largest benchmark transactions. However, the advent of disintermediation - the process by which borrowers are moving away from a reliance on direct bank lending - has resulted in a new crop of issuers seeking to access the bond market - increasingly via private placements.