The biggest opportunities for growth and profits in
the fixed-income world in 2000 are in Europe. Corporate bonds,
high-yield, securitization will flourish. There will be a fierce
contest, as all manner of intermediaries - commercial and
investment banks, Americans and Europeans fight for a place in the
bond bulge bracket. According to the US model this should guarantee
the eventual winners a honey-pot combination of high market share
and profitability. The competition to hire the people - high-level
originators, salesmen expert at advising institutional investors
strategically, skilled and market-savvy credit analysts - will
become ever more intense. Peter Lee's report heads a series of
articles on the future of fixed income
February 01, 2000