Last year was a watershed year for Asia’s debt markets. For the first time in history, debt accounted for about 40% of investment banking revenues, according to Dealogic. The unprecedented earnings were driven by record volumes, as the total dollar bond issuance from Asia ex-Japan surged to $130 billion.
But competition is also rife. In previous years, the fee pool was spread among a smaller handful of players. These days, every man and his dog wants a piece of the action. Aside from the bulge bracket banks, there are new entrants like ANZ, Mizuho, Mitsubishi UFJ and Bank of China International, which are all vying for business.
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