Fee pools are up but Asia's debt markets look overbanked

Asia's bond markets have started 2013 on a strong note, but there are signs that investors are starting to rotate out of bonds into stocks.

Fee pools are up but Asia's debt markets look overbanked
BOC International is one of the new entrants seeking to play a part in the pickup of debt issuance in Asia (AFP)

Last year was a watershed year for Asia’s debt markets. For the first time in history, debt accounted for about 40% of investment banking revenues, according to Dealogic. The unprecedented earnings were driven by record volumes, as the total dollar bond issuance from Asia ex-Japan surged to $130 billion.

But competition is also rife. In previous years, the fee pool was spread among a smaller handful of players. These days, every man and his dog...

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