Bond trading

Bond trading

Information trumps execution

Macaskill on markets

Macaskill on markets

Liquidity drought’s conflicted Cassandras

News and opinion


  • Best investment bank 2015: The reinvention of Morgan Stanley

    Under the leadership of James Gorman, Morgan Stanley has carved out a unique position in global banking. It remains a great investment bank. Its much-maligned FICC division now looks fit for purpose. And its US wealth management arm gives the firm new stability and strength. Most important of all, the disparate parts of a once-divided business are delivering the benefits of the whole firm. And the markets are starting to realize the potential of a new Morgan Stanley as well.

  • Barclays' identity crisis

    One year on from its big restructuring announcement, Barclays is still struggling to convince that it has found the right model. Investment banking remains the sticking point. Senior executives in the division say they’ve pulled off a £100 billion restructuring and improved the client franchise. They want to invest for growth. But sceptics say that bull market conditions and accounting sleight of hand have flattered results and the investment bank needs to become even smaller and more focused. The instinct of chief executive Antony Jenkins may be to give the investment bank more time. Shareholders and the new chairman may not be so patient.

  • Best borrowers 2015: Does QE stand for Quick Euros?

    The first half of this year has seen explosive growth in euro issuance by non-European borrowers, especially from the US. Is this a sign of greater capacity and sophistication in the market? Or is the reverse yankee just smash-and-grab opportunism?

  • Chinese buyers descend on Lisbon

    It may be a battered economy on the edge of Europe, but Portugal is rapidly becoming the hotspot for Chinese corporate ownership in Europe, particularly in the financial sector. Whether they like it or not, governments and regulators in Lisbon, Brussels and elsewhere will welcome them with open arms.

  • Best global bank 2015: Citi – Last man standing

    Citi is the last global wholesale bank offering all products to its clients everywhere. It operates in 100 countries and boasts a payment system handling $3 trillion of transactions a day, which no other bank is ever likely to emulate. It has taken the axe to its global consumer business, but still operates in 24 countries. Under the leadership of Michael Corbat, Citi has closed the share price discount to book value. It must now prove that a global universal bank can avoid the pitfalls of scale and deliver sustainable returns. If it does, it will be the only one

  • Chinese corporates question value of advice

    The culture among Chinese companies of preparing and executing their own acquisitions isn’t good news for investment banks keen to charge for services. Will it ever change?

  • Fund managers set their investment sights on Saudi stock markets

    It's not all about oil. There are plenty of other highly rated companies to invest in.

  • Reverse yankee issuance: View from the buy side

    There’s nothing wrong with being shareholder-friendly. But when you’re a domestically oriented US company preparing to print your first euro-denominated bond, it’s questionable whether a strapline emphasising shareholder value is the most expedient to choose for an online investor-relations presentation.


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