November 2002
| 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. |
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.
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.
Euromoney November 2002
Euromoney November 2002
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.
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?
Euromoney November 2002
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.
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?
Euromoney November 2002
Euromoney November 2002
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.
Euromoney November 2002
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.
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.
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
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.
Euromoney November 2002
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.
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.
Euromoney November 2002
Euromoney November 2002
Euromoney November 2002
Euromoney November 2002
Euromoney November 2002
Euromoney November 2002
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.
Euromoney November 2002
German banking
Euromoney November 2002
Japan
Euromoney November 2002
Foreign exchange
Euromoney November 2002
Securities lending
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?
Euromoney November 2002
Argentina
Euromoney November 2002
Russia
Euromoney November 2002
Russia
Euromoney November 2002
Euromoney November 2002
Euromoney November 2002
Serbia
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
Euromoney November 2002
Head of global markets, Bank of America
Euromoney November 2002
Managing director and global head of fixed income e-commerce, Lehman Bros