...and how to fix it
Coverage of the unfolding crisis
Rental income from repossessed housing is the next big thing in securitization. It will also be the acid test of what, if anything, the market has learned over the last five years.
Itaú strengthens position outside Brazil; equity lull a good time for hiring, says HSBC.
Russia’s muscular posture on the Crimean region of Ukraine, re-awakening Cold War tensions, threatens to tip the economy into a mild recession and has put a spotlight on the country’s structural weaknesses amid political risk, say analysts.
There are some benefits to having an incredibly untidy desk. While conscious that we had not tidied up for a while, even Euromoney was taken aback by what we found under a pile of papers in the office: Lehman Brothers’ Outlook for the ABS market, published in February 2007. Given what happened just months later, the document makes for rather eerie reading.
Bourse set to launch this year; Telecoms listings in doubt
Competition and jeopardy are on the way back in EM debt issuance.
Issuance in ‘next financial year’; deal likely to be one-off.
Pravin Gordhan says that he has given a counter-cyclical boost to South Africa and built up its underlying growth potential. But with capital flowing out, what more can the finance minister do to cut the country’s twin deficits?
The birth of Azerbaijan’s capital markets has been continually predicted, but has never come to pass. Now a tiny IPO is raising renewed hopes of access to one of the richest frontier markets. Will this time be different?
The fundamental dislocation of the region’s equity markets may actually drive DCM issuance in the coming year as a much-stalled pipeline of equity deals turns to M&A in frustration – and DCM deals will be printed to finance this predicted wave.
As banks become more and more unwilling to take on commercial debt financing and governments seek to expand exports to boost recovery, export credit agencies are taking on new, expanded roles.
Privatizations in the country promise to further turbo-charge growth, a bright spot in emerging Europe. But worries about the stability of the ruling coalition and governance persist.
‘Default entirely avoidable,’ say lenders.
Mainland China leads exchange nationality ranking; Hong Kong IPOs start year to warm sentiment
The appointment of Matteo Renzi as Italy’s new prime minister highlights the problem of consensus policymaking that has been worrying risk experts for some time.
Vital energy reforms could provide a welcome fiscal boost.
Petrobras deal shows swap advantage over dollars; Room for more quality issuers but a limited window
Volcker damage contained; lending guidelines could lead to shortage of assets.
In attempting to curb the excesses of the leveraged lending market, regulators might end up pushing it into the arms of the very private equity sponsors they are trying to rein in.
Rates buyers are moving back into Portuguese government bonds as yields fall, growth returns and exports boom. The country finished the capital markets part of its 2014 funding programme in the first two weeks of the year and now looks forward to a possible clean exit from the bailout, which would have been unthinkable six months ago. That would be a political triumph for Portugal and the Troika. But it might be a step too far.
Peso and exchange reserves have taken a tumble, interest rates have spiked and the money supply has tripled, yet analysts remain confident the economy is fundamentally sound. Can president Kirchner get full control, or will she leave it to the next government?
Africa’s economic growth over the past decade has propelled the number of high-net-worth individuals on the continent to new highs, creating a new and powerful class of super-wealthy Africans who are taking on oligarch status.
Crédit Agricole attracts 900 orders; when everyone is buying, aficionados suggest time to sell.
Turkey has been in a state of turmoil for the past year. The political troubles are home-grown; the economic woes have come from abroad. Both problems appear worse than they really are and present opportunities for those who can hold their nerve.
A shift in the political landscape in favour of pragmatists for the 2015 elections will trigger a slew of economic reforms to correct Argentina’s structural imbalances, Martín Redrado, the former central bank governor, and Miguel Kiguel, former finance secretary, tell Euromoney.
ESMA has had frequent discussions over the definition of liquidity during the past three years and is mindful of the need to monitor the impact regulations such as Mifid II could have on liquidity on the FX markets, its executive-director tells the Association for Financial Markets in Europe.
The scale of Ukraine’s challenge to correct economic balances is staggering, even if a political consensus is reached that would see an IMF support package. What’s more, markets might be understating sovereign default risk given strict debt covenants in the 2015 Russian-backed dollar bond that is sure to be used in a regional chess game, say analysts.
For the ‘first time in history’, emerging market (EM) corporate debt is the highest‐yielding product amongst global credit indices, while corporate creditworthiness will be sustained, says BlueBay Asset Management’s portfolio manager.
The hedge fund industry is coming off another year of substantial underperformance to market benchmarks in bizarrely rude health. Total assets in the industry rose to $2.01 trillion in December to set a new record total above the previous peak of $1.95 trillion in June 2008, according to data firm Eurekahedge. Other monitors put the current total as high as $2.41 trillion.
Pool of large unrated firms set to grow; Uphill battle to establish market share
Deal attracts 400 bids; deficit remains a concern.
Amid a sharp slowdown in institutional trading volume of Japanese government bonds, Mizuho Securities and Mitsubishi UFJ Morgan Stanley Securities have held their position as the market’s leading dealers.
Euromoney’s deals of the year for 2013 show that, despite prolonged periods of market uncertainty, smart issuers and their advisers managed to get some remarkable things done.
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