JPMorgan is, according to the league tables, the leading arranger of emerging-market debt, with a good spread of primary market business in Latin America, Asia and emerging Europe for sovereign, corporate and financial institutions. It’s also widely know to be one of the two dominant traders – along with Citigroup – in all emerging-market debt classes including local currency instruments.
Both predecessor banks were big traders and if one plus one makes only one and a half, the new bank’s secondary market share in emerging market fixed income could exceed 20% in 2001.
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