SBC Warburg seems to have developed the knack of getting into new markets and new currencies first this year. It arranged the largest-ever Deutschmark deal for a Latin American borrower - Dm1.5 billion for the Republic of Argentina - and the first-ever Indian subordinated deal rated at the sovereign ceiling. It also did the first programme for a Russian borrower, Inkombank.
Warburg is striving to attain the capability of delivering in all currencies, in all maturities and in all markets. It is the only bank winning significant mandates in more than one of the core currencies, Deutschmark, yen and dollar.
Top tier JP Morgan The bank's strategy to restructure its fixed income business, moving to a centralized trading approach with decentralized sales, has been paying off. Volumes are up in the traditional Deutschmark business, but the bank is also beginning to open up new markets. Landmark deals included large liquid benchmarks for several sovereigns and a $690 million, 20-year Brady exchange bond for the Philippines.