April 2004
| Euromoney April 2004 Results of Euromoney's biggest ever credit research poll indicate that the development of relationships with continental European investors is crucial
to success. - Full Results
Liquidity poll April 2004
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Euromoney April 2004
Several fund managers are taking advantage of the increased interest in currency markets by setting up high-margin currency hedge funds. But before they invest in such products, investors should examine the offerings closely. Julie Dalla-Costa reports.
Euromoney April 2004
This has been an exciting few weeks for Commerzbank. First it smiled its way through yet more poor results, while promising better times ahead. Days later, it sealed a merger with a retail bank. Then it awarded such low bonuses to securities staff that it risked losing talent. Here, senior executives discuss the bank's strategy, prospects for consolidation and the trouble with bonuses. Katie Martin reports
Euromoney April 2004
Key French brokerages are remodelling their equities divisions in an effort to build a pan-European business. And the solution that BNP Paribas has found is the most radical. But rivals say its new joint venture is an admission of failure. Peter Koh reports.
Euromoney April 2004
Euromoney April 2004
To attract investors, smaller drugs developers need to show that they have products close to regulatory approval. But to reach that stage requires vast investments of high-risk capital. There are no easy ways to plug the gap but alliances with big pharma and forward sales of royalties can help. Mark Brown reports.
Euromoney April 2004
The west should beware - it is about to be invaded by hordes from the east. They are not benefit-seeking immigrants but rather bargain-hunting entrepreneurs. Soon they might even be buying your bank. And in Turkey, local-born bankers with western skills are determined to drag their country into the modern capital markets era. Julian Evans profiles some of the leading eastern European entrepreneurs who are taking regional finance to a global level and Metin Munir looks at the pioneers seeking to pull Turkish banking out of stagnation.
Euromoney April 2004
As Putin's rule becomes more established, the political trend in Russia is firmly authoritarian and centralist. But that is not necessarily a barrier to liberal economic reforms.As Putin's rule becomes more established, the political trend in Russia is firmly authoritarian and centralist. But that is not necessarily a barrier to liberal economic reforms. Ben Aris reports.
Euromoney April 2004
Russia's dependence on energy exports - and high energy prices - is growing. The government wants to play a bigger part in fostering this golden goose and seems to have found a subtle way of doing so without renationalization. Ben Aris reports.
Euromoney April 2004
Bank reform and the development of a properly structured mortgage market have been on the Russian agenda for years. Only now does implementation look set to begin. Ben Aris reports.
Euromoney April 2004
The days when unselective punts on the Moscow bourse could bring triple-digit returns are probably over. Analysts now point to more modest gains from cautious trawls of smaller companies, private-equity funds and real estate. Ben Aris reports.
Euromoney April 2004
Its bonds have traditionally traded wider than Russia's, but with its potential for a diversified manufacturing economy and a resurgence in sovereign debt issuance, Ukraine is winning renewed interest from emerging-market funds. Nick Parsons reports.
Euromoney April 2004
Anatoliy Shapovalov, deputy minister of finance of Ukraine and head of sovereign borrowing
Euromoney April 2004
Delayed and inadequate reforms mean that Romania faces the prospect of failing to meet its 2007 deadline for entry into the EU. Guy Norton reports.
Euromoney April 2004
Three months into Croatia's new nationalist-led government's term, the verdict is so far, so good. The administration has worked double time to promote Croatia's chances of following neighbouring Slovenia into the EU. But it must now boost growth and get on top of the country's deteriorating public finances. Peter Lee reports.
Euromoney April 2004
Kazakh president Nursultan Nazarbayev, pictured below, surprised Anvar Saidenov when he appointed him as the new head of the central bank. But Saidenov has an enviable task in working out how to spend the new and growing wealth that the country is gaining from oil. Christopher Pala reports.
Euromoney April 2004
If Banca Intesa follows through on its interest in Garanti Bankasi, Turkey's banking market and the general economy could receive a big boost. David Judson reports.
Euromoney April 2004
Euromoney April 2004
The capital-raising supermarkets available to companies in most advanced economies are a long way off for Turkey. The shabby state of capital markets is in large part an outcome of years of public sector financial chaos. Metin Munir reports.
Euromoney April 2004
Customer pressure for a wider choice of top-performing products is driving banks into doing what was once unthinkable - selling their competitors' wares. But they are also finding this trend towards open architecture is encouraging them to focus on their strengths and improve their own performance. Helen Avery reports.
Euromoney April 2004
Euromoney April 2004
Having suffered significant losses when the technology bubble burst, Scandinavia's high-net-worth individuals have become more demanding about products and services they expect from their banks. And with the number of wealthy predicted to rise, banks are being spurred to tailor their offerings to suit these clients. Helen Avery reports.
Euromoney April 2004
A new central bank governor with a firmer grip on exchange rate policy, a modest upturn in growth and a respectable equity market performance have increased confidence in Egypt's economy. But privatizations and banking reform are major uncompleted tasks. Nigel Dudley reports.
Euromoney April 2004
Leverage in the emerging markets is now approaching an all-time high, according to fund managers and sell-side analysts. But the structure of investment patterns in this asset class means a crash is unlikely. Felix Salmon reports.
Euromoney April 2004
Agence France Trésor was nervous about becoming the first issuer of euro-denominated inflation-linked bonds but it is pleased with the results. Now its regular linker issuance schedule is helping to bring certainty to the development of the curve. Katie Martin reports
Euromoney April 2004
The inflation-linked market has unexpected pockets of demand, few natural issuers and an unusually close relationship between derivatives and bonds. But it works. Banks now need to work out where the next set of structural demand will come from and how to position themselves to profit from it. Katie Martin reports
Euromoney April 2004
With increasing competition in the covered bond market, Pfandbrief issuers are working hard to retain their pre-eminence. But as the Landesbanken prepare to lose their state guarantees, Pfandbriefe are becoming a crucial financing tool. Mark Brown reports.
Euromoney April 2004
Euromoney April 2004
Euromoney April 2004
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Euromoney April 2004
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Euromoney April 2004
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Euromoney April 2004
Euromoney April 2004
Euromoney April 2004
Euromoney April 2004
Euromoney April 2004
Euromoney April 2004
Euromoney April 2004
Euromoney April 2004
A ground-breaking collateralized debt obligation offering a fixed level of recoveries targets investors who want a simpler structure.
Euromoney April 2004
Euromoney April 2004
Money will, of course, remain cheap. Indeed, the forward market now forecasts that the Federal Reserve will not raise interest rates this year. But it has been cheap for a long time. It has already driven massive amounts into equities and reduced volatility to historical lows. In early January, the options put-to-call ratio reached levels indicating that no-one wanted to take out any insurance against equity markets falling. However, the recent turn in these indicators suggests that a wall of worry is now being built.
Euromoney April 2004
CEO, Banco Popular
Euromoney April 2004
CEO and founder, Lightyear Capital
Euromoney April 2004
Investors in European high-yield bonds have fought hard for structural security. Issuers that bypass it will have to pay a premium.
