WHEN EUROMONEY SURVEYED Asia’s top debt capital markets bankers recently, it asked them what issue most concerned them. One replied in an email: “Fee cutting/margin cutting/imprudent lending/people who don’t have any track record getting mandates and then being a passenger on deals at the other underwriters’ expense!”
If the comment shows some exasperation at the level of competitiveness in the first quarter of 2010, it should not be a surprise to anyone who has been following the fortunes of Asia’s debt capital markets.
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