June 2005
| Euromoney June 2005 It's a sure sign of a nervous credit market when even a monoline insurer's spreads can blow out by 30 basis points in a matter of days. MBIA says its triple-A rating is unimpeachable. Most people agree. But the worm of doubt has been released. Peter Lee reports. - Credit downgrades: More or less junk
Everyone expected the downgrade of Ford and General Motors to junk status. Now it has happened, the long-term consequences for the market are unclear. The move threatens to wipe out the trading profits of hedge funds and banks, with CDOs causing particular concern. Mark Brown reports. - Watch out, financial engineers are about
Leveraged buyouts and auto company problems are taxing the minds of bond investors, but there's a more insidious form of event risk they should be wary of. Company executives, under pressure from boards and active investors including hedge funds, are starting to engage in financial engineering to try to boost their stock price. Bondholders are set to lose out. Antony Currie reports.
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Euromoney June 2005
The rapid pace of development in issuance and investment techniques means that the progression of real estate to become a global asset class in its own right is not far away. Clive Horwood reports.
Euromoney June 2005
Real estate investment trusts have helped to drive development of the asset class in countries such as the US and Japan. Now a European-wide market is ready for take off. Helen Avery reports.
Euromoney June 2005
With banks more cautious about straight lending and bond spreads tight, real estate securitization through commercial mortgage backed securities is becoming increasingly popular, with conduit issuance taking a growing share of the market. Laurence Neville reports.
Euromoney June 2005
Real estate investment trusts have taken off dramatically in Japan, providing a new way to invest in the property market and an attractive rate of return compared to other investment products. Can the boom last? Andy Wright reports.
Euromoney June 2005
What connects the world's best borrowers in 2005? Their
ability to secure attractive funding through innovative
structures or reaching out to new markets, often when
the conditions are not in their favour.
Euromoney June 2005
State banks are geared to an economy that is mainly state controlled and they dominate much of Iran's financial sector. But the six public banks are starting to fund the private sector, while newly formed, privately owned banks are finding their own niche market through better services and funding. Kate Luxford reports.
Euromoney June 2005
Iran's strong headline economic figures are out of kilter with the weakness of its private sector and feeble foreign direct investment flows. Can the authorities boost private sector growth and investment inflows so long as influential ruling groups remain suspicious of free enterprise?
Euromoney June 2005
Despite a more uncertain rate and credit environment, new issuers and investors continue to enter the covered bond market. As the boundaries between traditional and structured products blur, Asia and the US are the targets.
Euromoney June 2005
The Asian bond markets have given investors an easy ride in the past two years. Now, with inflation and interest rate uncertainty, buyers need to be smarter.
Euromoney June 2005
China's domestic stock markets are a mess, riddled with inefficient companies, gerrymandered by a meddling government and hamstrung by a vast share overhang. Despite these challenges, Invesco Great Wall Fund Management Company has found a way to make money from stock picking. Much of its success rests on simply understanding the realities of its market. Chris Leahy reports.
Euromoney June 2005
Government-guaranteed issuers have long been a mainstay of the Japanese bond markets. Now the zaito issuers are seen as a market in their own right. Chris Leahy and Andy Wright report.
Euromoney June 2005
The New York Stock Exchange's historic deal with electronic rival Archipelago and Nasdaq's acquisition of rival I-Net dramatically reshape US cash equities trading. But what do they mean for OTC and listed trading, regional exchanges, and users now that the SEC's controversial Reg NMS has been passed? Peter Koh reports.
Euromoney June 2005
Since the adoption of an enabling law in 1999, Portugal's securitization market has grown rapidly, embracing many of the innovative techniques and influences seen elsewhere in Europe. With a new law allowing issuance of covered bonds expected this year, structured finance volumes look set to grow. And the market remains eager for further innovation. Sarfraz Thind reports.
Euromoney June 2005
With Greece continuing to run budget deficits that are unpalatable to credit rating agencies and breach EU guidelines, the government must look beyond tax increases to deal with the problem. Dimitris Kontogiannis reports.
Euromoney June 2005
As investment banks try to cut the cost of research for clients, outsourcing is taking on an ever-increasing and ever more important role in keeping costs under control. For the providers of these services, such as Copal Partners, the key is to move on from simply crunching the numbers to providing in-depth research for their clients on debt, equity and corporate finance.
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Includes correspondence from Larry Thompson, DTCC and Robert J Shapiro, Washington economist. Response to April 2005's Naked shorting: The curious incident of the shares that didn't exist.
Euromoney June 2005
BNP and SG say they are taking a calculated risk, but can the investment pay off?
Euromoney June 2005
Investors snapped up the bonds on rarity value, as Germany went for an early deal
Euromoney June 2005
Looming implementation of the EU Prospectus Directive is adding momentum
Euromoney June 2005
Borrower matches investor demand for yield as well as long-dated assets
Euromoney June 2005
Euromoney June 2005
The unwinding of correlation model price-driven trades has caused losses, but the credit markets have withstood the post-GM fallout
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Other banks' proprietary platforms need to pick up market share fast
Euromoney June 2005
Some banks are already seeing an uptake from new buy-side clients
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Other banks are unlikely to follow the US firm's example of advising on both sides of a takeover
Euromoney June 2005
The rumour mill is creating great opportunities for debt vs equity trades
Euromoney June 2005
The chairman of the SEC throws his weight behind Sarbanes-Oxley
Euromoney June 2005
Euromoney June 2005
Despite concerns, long-only funds are trying to flatter their returns
Euromoney June 2005
Delay could mean SEC is reconsidering terms
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
A new index should provide greater transparency to investors
Euromoney June 2005
The largest deal of its kind in Europe will herald an active period in property finance
Euromoney June 2005
Many funds say the fall-out from GM/Ford has been overstated
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Regulator makes new attempt to solve 'legal person' shares overhang
Euromoney June 2005
New launch is sign of growing sophistication in fixed income investing
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
Euromoney June 2005
The potential for a López Obrador administration has hit stock markets
Euromoney June 2005
Investors welcome a market-friendly deal achieved with the minimum of fuss
Euromoney June 2005
Bankers see little chance of a global bond issue
Euromoney June 2005
Euromoney June 2005
Attention now turns to more complex Al Marai transaction
Euromoney June 2005
Stock markets are unimpressed by president's pro-business reforms
Euromoney June 2005
Euromoney June 2005
Cash rich investors are looking to put their money to work
Euromoney June 2005
Government hopes delay will not harm investment drive
Euromoney June 2005
Combined group has the potential to be a domestic market leader
Euromoney June 2005
Euromoney June 2005
As the huge US and global debt bubbles burst under the weight of the cost of servicing, the US is certainly not the place for investors to be this year. Look instead to Europe, Japan, cash and gold
Euromoney June 2005
UK junior market AIM could be hampered by tight interpretations of EU rules on what constitutes a public offer
Euromoney June 2005
Between sessions on liquidity, capital issues and the future of credit markets, the big issues of a conference near Malaga in Spain were played out around the poker table
