Revenge Of The Eurobankers

They're selling more euro-denominated bonds than their U.S. counterparts

American investment banks thought Europe's single currency would bring them a lot of new business. And it has. But one expected gold mine has not delivered the hoped-for wealth: bonds. Although the euro's launch has produced around 250 new debt issues denominated in euros, European banks--such as Deutsche Bank, ABN Amro Holding, and Dresdner Bank--are getting most of the business. "There is a bit of a backlash taking place against the U.S. houses," says an executive at an American investment bank in London.

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