Bankers chase bigger but fewer bonds in EM
In 2014, emerging market bankers will be chasing after bigger mandates, but fewer of them if this year’s numbers are anything to go by. The average size of an emerging market bond in the first weeks of this year has leapt skywards compared to previous years while the number of deals priced has plummeted, according to Dealogic data. But DCM officials say they see little real change in the way deals are pitched or sold as a result of that new strategy.
The change may be a function of sovereign issuers having so far dominated the market — especially in CEEMEA — but it there's every chance it could be permanent.
As the asset class grew in previous years, both the number of deals priced in the emerging markets and
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