January 1, 2011
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
The rapidly rising tide of LatAm fixed income lifted all underwriters in 2010, creating at least four serious contenders for Best Bond House.