Dollar Bond Frenzy in Asia
Underwriting fees from U.S. Dollar denominated bond issuances by Asian corporates surpassed $1 billion for the first time in 2017. This market has been traditionally dominated by U.S. and European banks, as issuances were directed at the Western investor base. However, China's emergence has created a local market for these bonds. As a result, Chinese underwriters have emerged and now earn over 20% of all underwriting fees.