On October 31, 1994, TheWall Street Journal wrote:

Once one of the raciest and most profitable areas of investment banking, the Eurobond market has become boring and, even worse, not very profitable. Though the volume of new issues this year in the market which comprises bonds underwritten outside a borrower’s home country is likely to exceed $900 billion, up from $337 billion in 1980, profit margins have plummeted.

What do you think was happening in the Eurobond market?