Like all the capital markets around the world, the Asian debt capital markets business for loans and bonds has been down this year, but surprisingly not as much as maybe people first thought after the first quarter or so when things were extremely slow. I think the slowness was caused by a combination of the meltdown in the telecommunications sector and the bond and equity markets being so volatile.
Since June though, we have seen a big pick-up, so all-in-all, although volumes have dropped by around 15% to 20%, the fall has not been as sharp as was predicted earlier this...
