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Credit Suisse
To be the best debt house in the emerging markets today requires very different skills to those needed just two or three years ago. Sustained global economic growth and better management of fiscal affairs in developing countries have led to the biggest expansion of the asset class since it was first recognized in the 1980s. Emerging market debt is no longer a niche product comprising a small set of investors and borrowers buying and selling plain-vanilla bonds. Today, the asset class encompasses a range of issuers and products: sovereigns, investment-grade corporates, high yield, leveraged finance, local markets, securitization, liability management, acquisition financing, bank capital, infrastructure finance and derivatives.
The buy side has also evolved from comprising just dedicated emerging market funds to include high-grade accounts, high-yield investors, mutual funds, sector specialists, government institutions, hedge funds and retail investors.
| "We judge ourselves by success with our clients, flawless execution, and the design and delivery of the right product at the right time" |
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So any investment bank that wants to succeed in the emerging markets needs to have expertise, experience, flexibility and resources.