July 2001
| Euromoney July 2001 Argentina's $29.5 billion sovereign debt exchange deal was a great coup for the banks lead-managing it. Liability management deals are making up for a slowdown in the emerging-market debt business. How much it helped Argentina is less clear. Investors participated for technical reasons, not out of faith that the economy is improving. |
Euromoney July 2001
A small number of international banks now regularly compete for Euromoney's global awards. The margin between these same leading firms in any category is narrow. The pecking order shows minor adjustments this year, with universal banks Citigroup, JPMorgan and Deutsche doing well, while Goldman Sachs still hangs in. Simon Brady, Jonathan Brown, Chris Cockerill, Antony Currie, Anja Helk, Peter Lee, Julian Marshall, Jennifer Morris and Felix Salmon report
Euromoney July 2001
In a country which had become utterly disillusioned by its politicians’ failure to revive the economy, Japan’s new prime minister, Junichiro Koizumi, has quickly won huge popularity with calls for radical reform. Japan certainly needs this. And Koizumi intends to start at the key point, with the country’s ailing banks. But the consequences of reform will certainly be painful. If slowing growth and rising unemployment erode his popularity, the old political inertia may stifle Koizumi’s efforts yet.
Euromoney July 2001
The US primary convertible bond market has grown rapidly this year, providing low-cost funding to highly rated corporates at a time when other sources of capital are running dry. The market's proponents claim convertibles have matured into a mainstream financing instrument. But the high degree of structuring suggests that many deals this year have been pure volatility plays sold to a new breed of hedge fund investors that might withdraw as quickly as they appeared.
Euromoney July 2001
European private-equity firms escaped the full effects of the tech collapse that hit their US peers so hard last year. But they could hardly escape the atmosphere of panic and have trimmed their sails, avoiding riskier start-up-style ventures and giving more attention to buy-outs and blue-chip companies’ disposals of non-core businesses.
Euromoney July 2001
Euromoney July 2001
Euromoney asked Wafic Rida Said, businessman and chairman of the First Saudi Investment Corporation, to offer some thoughts on the opening up of Syria.
Euromoney July 2001
Syrian officials and businessmen understand the need for economic restructuring to take advantage of regional and global opportunities. They are determined, though, to undertake it at their own pace and in ways that do not undermine social cohesion.
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Syria’s commitment to the development of export-oriented sectors and new trade ties is paying off, with new incentives for domestic and foreign investors in place. Privatization, though, is not part of the package and the government is pledged to retain a mixed economy.
Euromoney July 2001
Euromoney July 2001
In March 2000, following Syria’s first major cabinet reshuffle for more than a decade, Mohamed Mustafa Mero was appointed as prime minister, replacing Mahmoud Zuabi, who had held the post since 1987. Previously the governor of Aleppo, Mero is widely recognized as being fully committed to economic reform in Syria. Last month in Damascus, he spoke to Euromoney about the outlook for the reform process
Euromoney July 2001
Although relatively underdeveloped, tourism is already Syria's second-biggest foreign exchange earner. With infrastructural and personnel development it could be even more lucrative.
Euromoney July 2001
Syrians don’t trust domestic banks. Many would rather deposit their cash in Beirut than entrust it to the locals. Reform has a long way to go. Meanwhile the government, undaunted by the weak financial infrastructure, is proposing the establishment of a stock exchange.
Euromoney July 2001
European airport IPOs and secondary share offerings are keeping equity capital markets teams busy. Vendors hope to raise up to e20 billion from selling shares in airports in the next few years. But the upcoming privatizations of Amsterdam's Schiphol airport and Milan's Società Esercizi Aeroportuali airport authority, along with a secondary offering by Unique, the manager of Zurich Kloten, seem set for a rough ride as local and political issues put a damper on investor enthusiasm.
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001
Euromoney July 2001