FA How would you assess the past year in the syndicated loans business
Generally speaking it has been a pretty good year for most houses, particularly in the North Asia markets because that's where the bulk of the business has been. The southern Asia markets have been a bit slow, although that's understandable given the situation down in Thailand and Malaysia. We have seen a few more transactions to come out of these countries than was expected, but you cannot compare it to North Asia.
In terms of activity, Hong Kong has been the strongest. The market has been dominated by refinancing activities because the spread has come down substantially and liquidity has driven the...
