June 2004
| Euromoney June 2004 It has taken three years to rein in costs and regulatory risks at CSFB. Now, at last, CEO John Mack is looking forward and wants to double profits by the end of 2006. Does the Swiss-American investment bank have what it takes? |
Euromoney June 2004
Euromoney celebrates its thirty-fifth birthday this month. We look back on the capital markets of 1969 and forward, through the eyes of pioneers of that era and those born in that year, at today's markets and looming challenges.
Euromoney June 2004
Investors panicked last month as fear spread that the US Federal Reserve would soon hike rates. Momentum players of the global reflation trade rushed to unwind positions in high-yield markets. Borrowers were forced to pull deals. The panic subsided as quickly as it arose and the sell-off failed to engulf global markets this time. What happens next?
Euromoney June 2004
The European high-yield market ran into volatility last month on fears of US interest rate rises. But it is not life threatening. Fundamentals look good: fewer defaults, more diversity in issuers and buyers, and landmark deals.
Euromoney June 2004
As Euromoney's annual awards show, best borrowers come in all shapes and sizes, winning acclaim because of their investor appeal, tight pricing, good timing, or structural ingenuity. But, as Kathryn Tully reports, activists on the buy side are developing a more formal view of the basics of an investor-friendly issuer.
Euromoney June 2004
Economic recovery in Japan is not expected to be accompanied by a rush of corporates to the bond markets. Many companies are still paying down debt and those that are borrowing can do so relatively cheaply through bank lending. Nevertheless, there are signs of growing activity from Japanese credits both domestically and in international markets.
Euromoney June 2004
Appointed and paid for by issuers but charged with protecting investors' interests, bond trustees are in an ambiguous position. And with bondholders expecting more activism, trustees are coming under closer scrutiny.
Euromoney June 2004
Portuguese banks got through last year's recession remarkably smoothly. But despite their strength, there's still talk of further consolidation. Quite how this would be achieved is not clear, particularly as the government is likely to resist further foreign involvement.
Euromoney June 2004
It all looked propitious for FDI. The World Bank/IFC was touting it, reforms favouring foreign investment had been put in place and the opening of talks for EU accession seemed assured. Enter the element of destabilizing surprise that Turkey specializes in.
Euromoney June 2004
The publication of Turkey's first set of corporate governance guidelines and plans for a new index on the ISE measuring compliance are encouraging. But the high level of family ownership is an impediment to good practice.
Euromoney June 2004
Private investors and institutions have both benefited from the flexibility of hedge fund products. But as the market matures, the products available have become more complex and the strategies employed more diverse. And with market growth comes a possible dilution of the hedge fund ideal. What should investors do now?
Euromoney June 2004
Of all the global investment banks, UBS has perhaps the most unlikely provenance, rooted as it is in private-banking skills. After transformational acquisitions a new UBS has emerged that means business. Group CEO Peter Wuffli outlines its ambitions in Asia.
Euromoney June 2004
There is rarely much middle ground between deluge and drought in Hong Kong's IPO market, which is powered by a powerful but fickle wall of retail money. The failure of several high-profile issues has started to claim victims. With mainland China's increasing reliance on Hong Kong to absorb issues from its frantic restructuring efforts, a market closure could have a serious impact.
Euromoney June 2004
The rich expect their investment advisers to be ahead of the herd in adjusting portfolios to market changes. When we asked private banks for model allocations they stressed diversification, but recipes for this varied widely.
Euromoney June 2004
Central America's republics share the problem of heavy fiscal deficits, which incoming administrations hope to cure. Much is also expected of the implementation of a free trade agreement with the US.
Euromoney June 2004
Once derided as a UK anachronism, corporate broking is now the hottest game in the City. Morgan Stanley is the latest player to try to muscle in.
Euromoney June 2004
Euromoney June 2004
Euromoney June 2004
The promised crisis never came and instead last year turned out to be a good one for most banks. This year is set to be even better as banking becomes structurally ever safer, though it will never be entirely risk free.
Euromoney June 2004
Euromoney June 2004
Euromoney June 2004
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Euromoney June 2004
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Euromoney June 2004
Euromoney June 2004
Euromoney June 2004
Euromoney June 2004
Euromoney June 2004
Euromoney June 2004
Euromoney June 2004
Development bank AFD's issue offered government-style risk with enhanced yield. That was a winning formula with investors, whose interest rapidly took the e300 million deal's book to e1.2 billion.
Euromoney June 2004
Seeking funds for a US acquisition, Royal Bank of Scotland filled the book for a £2.5 billion equity placing in one day. The money raised will part fund the purchase of US bank Charter One Financial.
Euromoney June 2004
Free money and a profligate fiscal policy in the US have achieved the near impossible - job creation. But don't count on a sustained upswing and meanwhile look to equities as the asset of last resort.
Euromoney June 2004
Euromoney June 2004