November 2002

November 2002

Questions over Landsbanki's new shareholder

Euromoney November 2002

A big chunk of Iceland's second-largest bank looks destined to fall to a father and son team who made a fortune from selling their brewery in Russia. Questions remain, though, about their suitability to control the National Bank of Iceland.

Hutchison Whampoa

Gorilla of Hong Kong's wake-up call

Euromoney November 2002

Hutchison publicly blames its abandonment of a foray into euro bonds on adverse market conditions. But the company and its advisers seem to have neglected to weigh up specific reasons for investor caution.

Sixt sticks to his guns

Euromoney November 2002

Frank Sixt, chief financial officer of Hutchison Whampoa, spoke to Euromoney’s Chris Cockerill about his company’s aborted euro market bond issue and its plans for developing 3G telecoms technology.

Covered bonds

Corporate bonds

Safe, simple and small

Euromoney November 2002

Deteriorating credit quality has combined with structural illiquidity in the credit market to produce extreme volatility. For now, small deals from rare borrowers are faring better than large, liquid deals from frequent issuers.

Auto company bonds

What’s so secure about it?

Euromoney November 2002

Large investment-grade corporate borrowers have increasingly turned to securitization as rating downgrades and investor risk aversion have pushed spreads on normal bonds to junk levels. Can asset-backed markets meet these giant issuers’ funding needs?

Ford needs niftier vehicles

Euromoney November 2002

Quality issuer

KfW proves transparently popular

Euromoney November 2002

The flight to quality has brought KfW new bond investor friends to add to an already highly satisfied clientele. The bank hopes to broaden its paper’s appeal still further by stressing its quasi-sovereign status.

Turkey

Revenge of the dispossessed

Euromoney November 2002

The Islamist AKP fought Turkey’s elections fuelled by discontent with political corruption and incompetence. All the aspirants to power were promising the earth, but can they deliver?

The law’s delays, the insolence of office

Euromoney November 2002

Cooking with the right ingredients

Euromoney November 2002

Cash management

Cash management poll 2002: Missing the point

Euromoney November 2002

All the global cash management banks continue to concentrate on the small pool of top-tier multinationals where there are opportunities to cross-sell but where competition is most intense. These most demanding of cutomers are driving down margins. The global players might be overlooking other sources of revenue.

Putting the squeeze on

Euromoney November 2002

Cash management poll

Overall winner lags in individual categories

Euromoney November 2002

Citigroup is the most successful cash management bank in nearly every region of the world. But when asked to rank banks on different aspects of the cash management business, treasurers often rate the likes of Deutsche Bank, JPMorgan, Standard Chartered, and BNP Paribas higher than Citi.

Equities

Seeking bright spots

Euromoney November 2002

As volumes and margins fall in conventional sales, trading and new issues, leading equity firms are desperate for new sources of revenue.

Emerging market debt

Bond investors feel the pinch

Euromoney November 2002

Ambitious efforts are under way to bring order to sovereign debt work-outs. But private-sector lenders just don’t see what problem the IMF’s sovereign bankruptcy court is supposed to solve. Felix Salmon reports

SDRM finds few friends in the markets

Euromoney November 2002

The sovereign debt restructuring mechanism is the most contentious proposal ever to come out of the upper echelons of the IMF. It is almost universally opposed by the private sector, most emerging-market borrowers think it a very bad idea indeed, and before it has even been drafted it has already been blamed for tens of billions of dollars of decreased capital flows to emerging markets.

Collective indecision

Euromoney November 2002

Real estate finance

Banks build on sale-leaseback hopes

Euromoney November 2002

Banks and opportunity funds are lining up to benefit from an expected transfer of real-estate assets from cash-strapped corporates to investors. There’s one catch – some corporates aren’t in a hurry to sell.

Syndicated loans

Fire sale becomes the new order

Euromoney November 2002

Banks are heavily discounting syndicated loans for relationship reasons and taking a double hit when they hedge their risks with more realistically priced credit swaps.

Relationships take edge off price rises

Euromoney November 2002

Editorial

Front end

A force for democracy or evil?

Euromoney November 2002

Investors get a Lynching

Euromoney November 2002

The rocket science of partying

Euromoney November 2002

Saucy chef calls Lehman licentious

Euromoney November 2002

Research? It’s bad for you

Euromoney November 2002

What price a date with Stan O'Neal?

Euromoney November 2002

How much would you pay to dine with your CEO? Too much and you'll be seen as a creep, too little and you can wave goodbye to that promotion. That's the quandary facing Merrill Lynchers, who can bid for a tête-á-tête with Stan O'Neal - CEO in waiting.

Market monitor

Finanzplatz faces up to odious comparisons

Euromoney November 2002

German banking

Takenaka gets Godzilla treatment

Euromoney November 2002

Japan

FX Connect targets corporates

Euromoney November 2002

Foreign exchange

Independent feels the squeeze

Euromoney November 2002

Securities lending

Emerging market

What’s so secure about it?

Euromoney November 2002

Large investment-grade corporate borrowers have increasingly turned to securitization as rating downgrades and investor risk aversion have pushed spreads on normal bonds to junk levels. Can asset-backed markets meet these giant issuers’ funding needs?

World Bank loophole leaves creditors in limbo

Euromoney November 2002

Argentina

Capital stays at home

Euromoney November 2002

Russia

Gazprom’s big issue bucks the market trend

Euromoney November 2002

Russia

Ford needs niftier vehicles

Euromoney November 2002

Cooking with the right ingredients

Euromoney November 2002

Dinkic dreams of free trade zone

Euromoney November 2002

Serbia

Against the tide

Financial lawyer

Securitization puzzle exercises accounting rule-makers

Euromoney November 2002

The International Accounting Standards Board is planning to change its approach to the treatment of assets in securitizations. But many feel the new proposals don’t improve on the confusion they replace

People

Arrington Mixon

Euromoney November 2002

Head of global markets, Bank of America

Dexter Senft

Euromoney November 2002

Managing director and global head of fixed income e-commerce, Lehman Bros

Flipside