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

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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