While the eurozone’s peripheral economies struggle to stave off default, most emerging markets borrowers continue on their merry way. Indeed for certain issuers, such as Mexican wireless services provider América Móvil or Korean power company Kepco, the term emerging markets is a misnomer. They are solid investment-grade firms whose successes reflect the increasing maturation of the asset class.
Ten years ago a crisis in Europe would have meant that bond markets were shut for developing-country borrowers. Today, the challenge they face is not market access but market timing. The funding options available to borrowers in Asia, Latin America, central and eastern Europe, and even the Middle East and Africa, have never been greater.
Intermediaries, therefore, have to be innovative, nimble, consistent and committed, especially as nearly every bank is allocating greater resources to their emerging markets business.
No bank fits the bill better than the winner of this year’s award, Deutsche Bank, which has been a model of consistency across all emerging regions and whose deals stand out for their quality.