The structure of loan syndicates in emerging markets is changing, with larger groups of banks taking top-tier tickets than ever before. The move appears to be signalling a shift towards a more typically European model.

That was the message from speakers at the Loan Market Association’s annual Syndicated Loans Conference in London yesterday.

Emerging market deals would previously have been made up of a small number of banks who would sit at the top of the pyramid as book runners. But that pyramid is now being inverted as the number of lead banks increases and fewer institutions step in to take up smaller roles.

"As these blue-chip deals are getting bigger, pricing is getting tighter and deals are becoming more relationship-driven," said Alison Ress, head of...