September 2005
| Euromoney September 2005 Europe's government bond markets are built on a lie. Ministries of finance have adopted corporate financing techniques to give a false impression of their true debt levels. Regulators appear unwilling or unable to do anything about it. Investors and taxpayers ought to know. Mark Brown and Alex Chambers reveal all. |
Euromoney September 2005
As Alan Greenspan nears retirement, it is time to assess his legacy. Does the Fed chairman deserve his reputation as one of the great central bankers? Frank Partnoy argues that he is in fact the beneficiary of virtuous circumstances, has rarely been in control of events, and has often made the wrong call – notably in his attitude towards credit derivatives.
Euromoney September 2005
In just two years, Nigeria's finance minister has helped to transform foreign perceptions of her country. Her crowning achievement was the Paris Club deal, but her reforms have much greater implications for Nigeria's economic future.
Euromoney September 2005
Toshihiko Fukui has overseen a successful policy U-turn in Japan's fight against deflation. Despite intense pressure, he has kept interest rates low until sustained inflation returns.
Euromoney September 2005
The woman who has run the central bank since 2000 has overseen reform of the exchange rate, the capital markets and the banking industry. With her encouragement the country has also become a hub for Islamic finance.
Euromoney September 2005
Peru's former finance minister has helped to turn his country's fortunes around.
Euromoney September 2005
Public-sector banks in Europe have hit on a new and potentially profitable idea. They're trying to turn themselves into localised versions of the universal banking model. Who are some of the successful early movers? And we look at how Europe's cooperative banks are teaming up in debt capital markets.
Euromoney September 2005
The Unico network of cooperative banks is nearly 30 years old. As it approaches middle age, can it persuade European debt issuers that the concept of a Unico deal that reaches both big and small investors across the continent is more than a neat branding ploy?
Euromoney September 2005
The growth of Iceland's banks – now centred on three main groups, profiled on the following pages – is one of the success stories of the past decade. The pace of development has led to concerns that such growth might be problematic and unsustainable. But the banks themselves are confident they are well placed for the future.
Euromoney September 2005
Mifid promises to shake up EU financial markets in a way that will make Big Bang look like a gentle nudge. To have any hope of meeting the implementation deadline of April 2007 investment banks might need to set aside as much as $12 million each in their 2006 budgets. Peter Koh examines the fallout
Euromoney September 2005
Funding real estate development and portfolios is changing. For some the bank market still makes sense; for others the unsecured bond markets. But the burgeoning CMBS market is becoming the vehicle of choice for many. Here's why.
Euromoney September 2005
Demand for long-dated bonds has inverted yield curves and recalled past eras of low rates, low inflation and perpetual govvies. In the long term, these products may be a good bet. But should investors be filling their boots now?
Euromoney September 2005
Euromoney September 2005
Iraq's finance minister, Ali Allawi, argues that debt relief with its official and commercial creditors is crucial to restoring stability to the country
Euromoney September 2005
As restructuring rather than default becomes the norm for credit events in the emerging markets, it is time for those involved in the market to reappraise the effects of distressed situations on credit default swap prices, argue Manmohan Singh and Jochen Andritzky
Euromoney September 2005
Improved fundamentals have undoubtedly fuelled the emerging-market debt boom. But that's by no means the whole story. Excess liquidity might be forcing values unjustifiably high, and hedge fund and credit derivative strategies are vulnerable to an overdue yield-curve readjustment.
Euromoney September 2005
Euromoney September 2005
Country risk index: Most countries have better access to capital than ever before and sovereign credit ratings have been on the rise for the past three years. But an increasingly tense geopolitical environment has led to marked decline in this year's country risk ratings. Research and analysis by Paul Pedzinski.
Euromoney September 2005
In 2002 the Dubai authorities announced the appointment of a distinguished chairman to its financial regulator that would give credibility to the country's attempts to establish itself as the leading Arab financial centre. Just two years later he was fired. Now, for the first time, Ian Hay Davison gives a first-hand account of the events that led to his dismissal. In the following linked article, the current chief executive of the DFSA gives his response
Euromoney September 2005
As Lebanese banks flush with liquidity devise regional expansion strategies, four of them have won licences
to open affiliates in Syria's nascent privately owned banking sector.
Euromoney September 2005
Jihad Azour, Lebanon's finance minister, was director of UN Development Programme and World Bank projects at the ministry before his cabinet appointment in July 2005. He talks to Kate Luxford about Lebanon's economic priorities
Euromoney September 2005
Riad Salameh has been governor of Lebanon's central bank, Banque du Liban, since 1993. He talks to Kate Luxford about bank consolidation and the need for capital market growth
Euromoney September 2005
As a new president takes office in Iran and deadlock hits talks with the European Union over Tehran's controversial nuclear programme, investors are pondering whether they should enter an economy that might soon be subject to sanctions.
Euromoney September 2005
Euromoney September 2005
Legislation to guarantee the position of foreign investors is being followed up with a proposed comprehensive capital markets law.
Euromoney September 2005
Iranian shipping company NITC is a rarity: it's one of the few non-oil and gas companies in the Islamic Republic seeking funds in the international markets.
Euromoney September 2005
Companies from Egypt to India and from Turkey to South Africa are hoping that the opening of the Dubai International Financial Exchange, set for the end of September, will open the doors to a vast well of unemployed petrodollars.
Euromoney September 2005
Slow-paced reform and privatization look set to provide opportunities for foreign investment in the Libyan banking sector, but with a lot of provisos.
Euromoney September 2005
Governor of the Central Bank of Libya Ahmed Menesi talks to Kate Luxford about plans to prepare Libya's economy for a more competitive environment after privatization
Euromoney September 2005
Sabic's upcoming $267 million Shariah-compliant domestic bond should set the pattern for issuance in a Saudi market that has seen little corporate paper up to now.
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Qatar has become a centre of project finance expertise as the government pursues big industrial and infrastructure projects. Skills have spread from foreign banks to local institutions and are being used in the whole region.
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Central and eastern Europe's leading institutions have been quick to praise UniCredit's acquisition of HVB, which creates the region's biggest bank. But, they warn, it had better stay on its toes, as rivals will look to profit from any loss of focus that the alliance brings.
Euromoney September 2005
It's difficult to make money in Russian private equity. Consequently, many of the world's biggest funds have steered clear. For those that have taken the plunge, the results are mixed. Some report returns far higher than those on equities. Others have had no luck and have packed up and left.
Euromoney September 2005
After a long dormancy, Kazakhstan's equity market might be about to wake up, thanks to some large IPOs.
Euromoney September 2005
The imminent liberalization of Gazprom share ownership rules will introduce the world's biggest energy company to the world's biggest investors. But is Gazprom ready for the world, or the world for Gazprom?
Euromoney September 2005
Eastern European equity had a summer of love, as stockmarkets from Budapest to Istanbul hit all-time highs. Russia, last year's chronic underachiever, has been the best performer of all.
Euromoney September 2005
Grigorii Marchenko, chief executive of Halyk Bank and former governor of Kazakhstan's central bank, talks to Euromoney about bank capitalization, the development of consumer banking products, Kazakhstan's economic policy and the country's regional role.
Euromoney September 2005
Dragos Neacsu, a former civil engineer and latterly investment banker, has taken on the challenge of overcoming the many shortcomings of Romania's debt strategy from the foundations up.
Euromoney September 2005
Ukraine's president Viktor Yushchenko has had a roller-coaster 12 months. He was poisoned, faced rigged election results and was then swept to power on the back of a peaceful revolution that split Ukrainian opinion in two. Now the time has come to show whether he can deliver on his pledges. Euromoney quizzed Yushchenko on how he intends to do this
Euromoney September 2005
Emerging-market and convergence investors have long since stopped buying hard-currency debt from the new European countries after their spreads converged with EU government levels, but the region's local-currency debt is attracting ever more inflows. Kathryn Wells reports on where the
best opportunities lie
Euromoney September 2005
Argentina has rebounded impressively from the 2002 crisis, but it still faces enormous risks and challenges. Sudip Roy spoke to Argentina's top economic policy-makers, including the economy minister, finance secretary and central bank president, about how they plan to take their country forward.
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Venezuela's president, Hugo Chávez, wants to build his influence in Latin America through the creation of a regional debt market. But emerging-market analysts are unimpressed.
Euromoney September 2005
Deep in political crisis, president Gloria Macapagal Arroyo is ill prepared to address the Philippines' critical financial problems. She seems to be running out of time. And so does her country.
Euromoney September 2005
Such is the dearth of credible leadership in the Philippines that Filipinos, if they could, would probably vote former president Ramos back in by a landslide. If the ex-general pulls off his plans for constitutional change, that might just happen.
Euromoney September 2005
A flurry of activity marked the first year of new management at Khazanah, Malaysia's state-owned investment arm. Tough decisions have been made and tougher rules set. But the job is far from complete and success may prove elusive. Chris Leahy reports from Kuala Lumpur
Euromoney September 2005
Malaysia's local electricity supplier is just one of the government-linked companies on Khazanah's books. And, like most of them, it has plenty of problems to deal with.
Euromoney September 2005
Euromoney September 2005
As real estate establishes itself as an asset class of choice for investors large and small, advisers are reaping the benefits. The next product in the production line could be property derivatives.
Euromoney September 2005
Real estate has traditionally been a localized business. Now developers are considering the costs and benefits of moving out of the comfort zone and going international, as Helena Keers reports.
Euromoney September 2005
The ability to lend is closely tied to capital markets business, writes Laurence Neville
Euromoney September 2005
The investment market is becoming ever more competitive as structural change brings higher allocations to real estate, writes Laurence Neville
Euromoney September 2005
Asia's banks have reinforced their position as the largest emerging-market financial institutions thanks to the region's economic growth. Meanwhile Brazilian banks are at a head of a dynamic period in Latin America. Analysts at Moody's Investors Service discuss the trends.
Euromoney September 2005
This month, Euromoney seeks to debunk two of the great myths of the international financial markets.
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
The suspension by the World Bank of a loan to Ecuador should concern the world's poorer countries
Euromoney September 2005
What are shareholders to do? Sit back and allow the board to make obvious mistakes and lose them money? Or use their rights as shareholders to make the board take notice and maybe make some money? Dysfunctional corporate management has had too easy a ride from institutional investors.
Euromoney September 2005
Far from bowing to international pressure, China's renminbi revaluation shows it is firmly in control of its own destiny
Euromoney September 2005
As Kazakhstan prepares for an election, foreign institutions should remember that autocrats are of little benefit to investments in the long run
Euromoney September 2005
CFOs are in danger of becoming slaves of the leveraging cycle. It might be in their best interests to resist bankers' blandishments
Euromoney September 2005
The regulator's guidelines for UK issuers could have far-reaching benefits for Europe's covered bond markets
Euromoney September 2005
Mandated offerings, rather than auctions, offer the best chance for a successful sale
Euromoney September 2005
Eksportfinans hopes funding costs will plummet if online execution of structured products grows popular
Euromoney September 2005
Flexibility is the watchword as the UK regulator clarifies its guidelines on capital ratios
Euromoney September 2005
Jumbo dollar bond provides rare natural gas exposure for corporate investors
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
The experience of the high-yield sector shows synthetic risk can boost an illiquid product
Euromoney September 2005
Euromoney September 2005
Despite previously criticizing ABS, the new regime can't ignore benefits
Euromoney September 2005
Greater transparency is essential for ABS to be used as repo collateral
Euromoney September 2005
Euromoney September 2005
As customers become increasingly sophisticated in trading FX options, banks and other providers are enhancing electronic offerings to tap new markets
Euromoney September 2005
Platform adds five currency pairs to boost its regional offering
Euromoney September 2005
The Chicago exchange aims to make currency option trading easier, bridging the gap between the cash and exchange markets
Euromoney September 2005
Alpha-driven US volume growth starts to outpace that in UK
Euromoney September 2005
Euromoney September 2005
With valuation problems worsening, one US bank CFO thinks the major UK banks are becoming more appealing
Euromoney September 2005
New Dealogic data reveals the must-have private-equity clients – the ones that spend the most on investment banking fees
Euromoney September 2005
The latest target of the hedge fund activist is Time Warner
Euromoney September 2005
Strategic buyers are getting increasingly bullish about M&A opportunities. So far this year, though, they haven't stolen any of the thunder of financial sponsors
Euromoney September 2005
Euromoney September 2005
Wells Fargo leaves US equities stategy business
Euromoney September 2005
Investors should look beyond speculating on further renminbi moves and consider equity in the broader region
Euromoney September 2005
UK retail investors to get easy access to IPOs again
Euromoney September 2005
Equity managers in Europe, Japan and Asia might benefit from swapping stocks for convertibles
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Research points to declining returns and greater risk as hedge funds grow older
Euromoney September 2005
Russia's domestic wealth management industry has a long way to go
Euromoney September 2005
Banks and listed property companies are finding ways to respond to interest in international investments
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
After months of debate about the number of companies to be reprivatized, progress is made
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
High oil prices threaten Kazakhstan's economy with inflationary pressures.
Euromoney September 2005
Euromoney September 2005
China's currency revaluation is more evolution than revolution but will have a number of knock-on effects
Euromoney September 2005
S&P lists the top 100 companies in the PRC, the 10 largest accounting for 56% of total revenues
Euromoney September 2005
Euromoney September 2005
Banks offering real estate investment trusts
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Euromoney September 2005
Finance minister says the government is will keep the purse strings tight as it reforms taxation, banking regulation and bankruptcy law
Euromoney September 2005
Latin nations' equity and debt markets are seeing greater issuance activity
Euromoney September 2005
Euromoney September 2005
European borrowers make peso bonds hot new instrument
Euromoney September 2005
Euromoney September 2005
Poised between stellar growth and a spectacular new collapse.
Euromoney September 2005
Euromoney September 2005
Tanzania's largest bank is sold to Dutch-led consortium
Euromoney September 2005
Six-month paper will help investors diversify Shariah-compliant portfolios
Euromoney September 2005
SocGen's move on big local player signals confidence in the run-up to Egypt's first open presidential election
Euromoney September 2005
Euromoney September 2005
News of an election is already perking up the Germany
economy. If a centre-right coalition wins, as seems likely, expect yet more improvement
Euromoney September 2005
Studying the birth chart of the US shows planetary patterns coinciding with upheavals and depressions in the country's history – and in his new book, Robert Gover predicts a decade of depression ahead. Helen Avery looks at this alternative approach.
Euromoney September 2005
Exactly four years on from the September 11 attacks, there's been little construction activity to encourage banks to move back into Lower Manhattan. Goldman Sachs's decision to build a new headquarters on the site might be crucial