JUST A FEW years ago, emerging-market bond issue was a profitable business. Sovereign deals from such countries as Hungary or Russia would bring in fees of anything between 50 and 100 basis points for the one or two lead managers on the deal. The business was also prestigious. Banks such as JPMorgan and CSFB made names for themselves by bringing emerging-market countries to the Eurobond market. As a result, it was a business in which most banks wanted a presence, so they set up desks of five to 10 people for each region to cover Latin America, Asia and emerging Europe.
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