December 2002
| Euromoney December 2002 Markets have crushed banks this year but now some see a profit to be made in arbitraging debt against equity. It's a smart trick. Turning it into a sustainable business will be even smarter. |
Euromoney December 2002
HSBC's purchase of Household International seems to have come in the nick of time. The US consumer finance group was under regulatory investigation and its accounts had just been restated. As a result its bond spreads had widened to a life-threatening degree.
Euromoney December 2002
Guy Hands built a reputation for private-equity innovation while at Nomura, which had deep pockets he could depend on. His new venture, Terra Firma, has managed to impress investors enough to raise its own funds but must now also out-think rivals that have adopted many of Hands' ideas.
Euromoney December 2002
With Brazil and Argentina hors de combat and Mexico replete, bankers are busy looking for smaller Latin deals, including escape routes for burnt foreign investors.
Euromoney December 2002
In Asian markets in 2002 some leading corporate and sovereign issuers got bloody noses. But smaller deals just kept on coming. Overall volumes were lower, but not disastrously so, and there were impressive increases in some domestic markets.
Euromoney December 2002
Many Asian firms are adopting imaginative strategies to cope with the difficult business environment and improving their treatment of shareholders. Hong Kong companies have caught the analysts’ eyes.
Euromoney December 2002
In this year's Asian 100 the notable profitability of the top Australian banks reflects an economy that has outperformed most of the world. Among its neighbours, some Korean banks put on an impressive growth spurt as the economy recovered.
Euromoney December 2002
The leveraged buy-out market in Europe is booming as shareholders press European companies to focus on core businesses and indebted firms shed assets. Even after private equity firms’ write-downs of portfolio companies, there’s lots of capital chasing bargains.
Euromoney December 2002
Traditionally Bahrain dominated finance in the Gulf but initiatives elsewhere in the region, particularly Dubai, have undermined its lead. Now Bahrain's central bank is making up lost ground.
Euromoney December 2002
Greece, like other smaller eurozone members, is not facing such severe economic problems as Germany and France. Nevertheless Eurostat revisions of its public debt figures will prompt accelerated privatization and reform of public finances.
Euromoney December 2002
European companies used to regard the US private placement market as a refuge for the desperate. But pricing is increasingly attractive, issues can be sizeable and even unknown names can attract investors.
Euromoney December 2002
With the public corporate bond markets volatile and unreliable, companies need to take advantage of MTN opportunities. Debt capital market bankers have the time to present them with imaginative proposals. But some of these, such as private-to-public deals, are not without their perils.
Euromoney December 2002
As more and more of their corporate customers fell out of favour, banks looked the best bet in bond markets. It couldn’t last. Lately investors have become more choosy. Some banks have been shut out of the public bond markets and have had to explore other forms of funding.
Euromoney December 2002
Extensive revisions to capital requirements under Basle II will force structural changes in the financial services industry, offering advantages to some institutions and hindering others.
Euromoney December 2002
Euromoney December 2002
If a bank does not win a particular award, it does not mean that its website is bad. Almost without exception the websites Euromoney saw in 2002 were well thought out. They now generally do what clients want them to do, not just what clever bankers and developers have realized they are capable of doing. And most firms undertake strict approval processes before they turn a good idea into a website. So it is little wonder that the overall quality has improved markedly over the past year.
Euromoney December 2002
Euromoney December 2002
Euromoney December 2002
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Euromoney December 2002
France
Euromoney December 2002
High-grade credit
Euromoney December 2002
Euromoney December 2002
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Euromoney December 2002
India
Euromoney December 2002
The Philippines
Euromoney December 2002
Russia
Euromoney December 2002
Russia
Euromoney December 2002
Issuer: Core Investment Grade Bond TrustAmount: $2.025 billionLaunched: November 15 2002Bookrunners: Bank of America, JPMorgan
Euromoney December 2002
Recent proposals from the Basle Committee on Banking Supervision have dismayed securitization bankers. They believe regulators are taking an unjustifiably punitive approach to the industry.
Euromoney December 2002
Chief executive officer, HSBC Amanah Finance
Euromoney December 2002
President & CEO, AG Bisset & Co