Investment banks scrap for talent as competition hots up

The prize is worthwhile, as evidenced by the numbers driving the expansion. Debt issuance out of Brazil has nearly doubled from $16.2 billion in 2003 to $31 billion in 2005, according to data provider Dealogic. That leap pales in comparison with the growth in equity placements. In 2003, $822 million was raised through six deals, a sliver of the $5.9 billion brought in last year through 21 deals. Already in the first five months of this year, some $5 billion had been raised through 19 deals. Given such phenomenal demand for the country's assets, it's hardly surprising that investment banks are looking to put more suits on the ground in Brazil.

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