February 2004
| Euromoney February 2004 A top-notch pension scheme and subsidized healthcare ensure employees love working for General Motors. But the costs place a huge strain on the finances of one of the world's biggest bond issuers. Smart financial engineering has eased investors' fears over these liabilities. But GM must now address weak profitability in the car business. Its financing arm can't bail it out for ever. Kathryn Tully reports. |
Euromoney February 2004
Elliott Associates' founder Paul Singer learnt the hard way that good investment returns can only be achieved consistently if hedging is rigorously applied and opportunities to add value ruthlessly pursued. Felix Salmon reports.
Euromoney February 2004
Large US banks with ambitions to become national franchise players now see that dream become more possible as slipping earnings bring weaker banks within acquisition range. Mergers look like the only way to grow. But along with the announcement of high-profile deals investors are making it clear that they have not forgotten the mistakes of the merger-manic 1990s. Antony Currie reports.
Euromoney February 2004
Regulation, historical rivalries, investor scepticism, language barriers and egos all stand in the way of large bank mergers in western Europe, where consolidation stalled at the end of the 1990s. Unless these obstacles can be overcome, leading European banks will be swallowed by US financial institutions just as soon as they have finished digesting their domestic acquisitions. Katie Martin reports.
Euromoney February 2004
Although mergers of large banks are relatively rare in Europe, it's a different story in private banking. M&A activity, including many small and medium-size transactions, is on the increase across the sector. Helen Avery reports.
Euromoney February 2004
Euromoney February 2004
War, epidemics and political uncertainty dominated the financial landscape in 2003, interrupting roadshows, delaying deals and making it difficult to predict market movements. Some issuers pulled their deals. But others found ways to meet new types of investor demand. Volatile equity markets sparked unusual convertibles. Warmer sentiment towards Russia produced a whole range of deals. Hostile takeovers returned. And high-yield bonds and LBOs enjoyed a resurgence. Antony Currie, Julian Evans, Deborah Kimbell, Chris Leahy and Katie Martin report.
Euromoney February 2004
Dragged down by Argentina's troubles, Uruguay was on its knees by mid-2002. Yet in 2003, through a series of elegant and smoothly executed transactions, the country regained its economic stability and much of its historical reputation as a sound credit. Felix Salmon reports.
Euromoney February 2004
Quality borrowers got away a lot of issues last month, but investors are getting more choosy, especially about dollar bonds. Rising interest rates and an equity revival also raise uncertainties about the year to come. Mark Brown reports.
Euromoney February 2004
A $5 billion loan is not to be dismissed lightly in a country where foreign investment is running at just $1 billion a year. But the mystery benefactor is a company whose name rings no bells and whose principal investors have yet to be identified. It could only happen in Turkey. Metin Munir reports.
Euromoney February 2004
Euromoney February 2004
Public shareholders have grown increasingly antagonistic to private-equity sponsors buying up companies on the cheap and refloating them at a premium in bull markets. Taking companies partially private could win public investors round and increase the potential size of such transactions. Peter Koh reports.
Euromoney February 2004
Euromoney February 2004
Private equity exits, privatizations, and spin-offs will reinvigorate the IPO market this year, helping IPOs to account for a greater share of equity capital markets business. Deals may appear to be done faster but investors remain wary. The same can't be said for bankers when it comes to block trades. Peter Koh reports.
Euromoney February 2004
Euromoney February 2004
Investors' enduring interest in hedge funds was apparent from record inflows last year. But outperformance of cash equities was already becoming difficult to achieve. This year things could get even tougher for hedge funds unless they can find ways to adapt to a bull market. Julie Dalla-Costa reports.
Euromoney February 2004
Euromoney February 2004
Reform is on the agenda for Morocco, although the king still wields comprehensive power. New openings are being sought to rebalance an economy dependent on tourism and to overcome stubbornly high unemployment. Rupert Wright reports.
Euromoney February 2004
Euromoney February 2004
Deutsche regains top spot in Euromoney's poll of polls, while UBS and JPMorgan close in on Citigroup as it falls to second place. Andrew Newby reports; research by Andrew Newby, Paul Pedzinski and David Skalinder.
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Euromoney February 2004
Managing director, MYM Capital
Euromoney February 2004
Managing director, art and numismatics services, UBS
Euromoney February 2004
Parmalat's collapse is leading regulators to question how a multi-billion dollar disaster was not foreseen and averted.