BEST BOND HOUSE
The rapidly rising tide of LatAm fixed income lifted all underwriters in 2010, creating at least four serious contenders for Best Bond House.
Underwriters seized the
opportunity, presenting a wealth of new structures, currencies,
tenors and high-yield names.
Investment banks again
battled with commercial banks, hoping to trump bulging balance
sheets with smarter ideas and execution. One firm stood out for
its range of coverage, innovation, execution and strong
momentum through the year. Deutsche Bank takes the prize,
beating all comers with no apparent reliance on balance sheet
or fee cutting.
"This has been the
best-ever year for the bank in LatAm," says Alberto Ardura,
Deutsches head of LatAm DCM and client coverage. He notes
that, on average, fees have doubled in the market versus 2009.
He expects similar levels next year.
Total cross-border volume
from the region in 2010 had topped $85 billion by November 29,
according to Dealogic. DCM bankers say this is a record,
beating the previous high of $70 billion in 2009.
Deutsches portion in the year...
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