September 25, 2013
By Ben MillerVolatile US Treasury markets and flagging regional economic growth have thrown up fresh challenges in 2013 for Latin America’s corporate borrowers.
But such pressure has so far this year failed to make a dent in the earnings of the investment banks that service them: fees are roughly flat on last year, thanks largely to the overall resilience of the main business lines — even though the sources of that revenue have changed.
Equity capital market activity picked up pace this year, helping compensate for a slump in mergers and acquisitions. And despite uncertainty over the direction of interest rates, debt capital market revenue is down only slightly on last year, tracking ove
Banks are earning about as much in fees as they were a year ago, with a burst of ECM activity compensating for a sharply slower M&A market. Much now depends on market stability in the months ahead