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| Best Global debt house: Deutsche Bank |
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| Also nominated: Barclays Capital and HSBC |
The past 12 months in the debt capital markets have demanded not only nerves of steel but also an ability to anticipate where opportunity will arise in such volatile and unpredictable conditions. Deutsche Bank has reaped the rewards of just such foresight across the debt markets. "The number of banks that operate on a truly global basis is a very narrow field," says Miles Millard, global head of capital markets and treasury solutions (CMTS) at Deutsche Bank in London. "We were the first of the true global players to pick where the likely opportunities would come from." This entailed improving FIG coverage in developed and emerging markets to deal with a heavily indebted FIG sector; beefing up in SSA 18 months ago to meet the needs of heavily indebted governments and a recognition that the global economic recovery would come from emerging markets and that this would have big implications for its debt business. "We knew that we would see an increase in applications from emerging market borrowers to move from domestic to international bond markets so we regeared and refocused our efforts in emerging markets," says Millard.