Record fees from debt issuance and a big jump in capital raisings this year have more than offset plunging deal revenues at Wall Street banks, annual figures show.
Investment banks earned more than $18bn from debt capital markets in 2009 as companies tapped bond markets heavily to shore up balance sheets, according to Dealogic.
The 33 per cent increase in revenues from debt issuance coincided with a 64 per cent jump in earnings from equity raisings, which earned banks $23.3bn in fees.
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