Citigroup, Deutsche Bank, Morgan Stanley and CSFB are all leading contenders in this category. Citigroup, in particular, has won our regional debt house awards in Asia and emerging Europe this year. But leading the debt arranger rankings for emerging markets as a whole across the globe in the past year - most notably in Latin America, the largest regional market - is JPMorgan. As well as leading significant transactions for emerging-market borrowers worldwide, it ranks highly with investors for emerging-market debt research, topping that part of Euromoney's April 2003 credit research poll.
Moctar Fall, head of emerging market debt capital markets, traces JPMorgan's recent successes to a decision taken 18 months ago. "Prior to that, the capital raising topic with a client used to be a bond discussion, rather than a debt discussion," he says. "The loan market was something quite separate." Fall notes that US corporations had, much earlier, re-evaluated banks' provision of credit to look across both bonds and loans. "We decided that if that was what our emerging-market clients want, we should combine all those services - syndicated loans, bonds, structured finance, liability management and a new debt restructuring group - into one integrated group.
