The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Asia: Debt markets race for the top again

The competition for debt capital market share in Asia is fiercer than for years. Hungry new franchises are using their balance sheets and aggressive pricing promises to win deals. The region’s top equity houses are bulking up their debt offerings and traditional powerhouses are back in force. Lawrence White reports.

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. The race to the top ranks of the league tables is back on, and there are perhaps more competitive runners than at any time in the past two years.

The competition for debt capital markets mandates in Asia-Pacific can be broken down into a few categories. First come the franchises that are aggressively trying to build market share from a low base as part of an overall strategy to transform themselves into genuine Asia-Pacific investment banking franchises. Chief among these are Nomura and Standard Chartered, both of which are acquiring reputations for aggressive hiring in capital markets, fierce competition on deal pricing and a willingness to back that pricing with the firm’s own balance sheet where necessary.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree