According to the Economist the world’s lenders are pulling back to their home markets. In March the Reserve Bank of Australia revealed that the departure of European lenders had left an AUS$34 billion funding gap in the syndicated loan market for local companies. The story is similar in the Middle East, where a rush this year to issue Islamic bonds is attributed to a withdrawal of European lenders. HSBC is offloading business from Costa Rica to Pakistan.
Source: Economist April 21st 2012