Issuers from countries that were rightly defined as emerging markets are engaging with the capital markets at a level of sophistication more akin to fully developed geographies. A particularly breathtaking example was the $18 billion loan and refinancing arranged for Companhia Vale do Rio Doce’s takeover of Inco. And ICICI Bank’s $5 billion fundraising illustrates not just the increasing importance but also the potential of India in the capital markets. In Russia, Gallery Media offered investors in the country’s credit some much-needed diversification away from the usual fare of bank, energy or commodity sectors.
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