21.   Japanese media reported that Industrial Bank of Japan and Nomura Securities entertained Isaka to receive bond underwriting business from the government-run Japan Highway Public Corp.

22.   Morgan Stanley is hoping its bridge fund will give added fire power to its high-yield underwriting business.

23.   NationsBank is also planning to enter the equity underwriting business.

24.   NationsBank would rather buy than build its equities underwriting business, White said.

25.   On the other side is the fear that those contributions are being doled out to get lucrative municipal bond underwriting business.

26.   Several securities firms are raising bridge-loan funds to complement their junk-bond underwriting business.

27.   Smith cautions that the proof will be whether the firms actually win more IPO underwriting business as a result, boosting fees.

28.   Stock prices may be volatile, but somehow investor jitters have not had much impact on the underwriting business.

29.   Such activity has fueled a buoyant underwriting business, dominated by debt offerings.

30.   That could make it appealing to banks looking to expand their underwriting business.