January 2000
| Euromoney January 2000 When Citibank and the Travelers Group merged, the hype
was about cross-selling retail products. Citi's distribution
network and Travelers' products would be a potent combination,
claimed Sandy Weill and John Reed. The investment banking brew had
less to offer and was expected to be more troublesome. But so far
it isn't working out like that. The investment bank is the success
story. Meanwhile, cross-selling isn't working. Antony Currie
reports |
Euromoney January 2000
Was he the wrong man for the job or was the task too
tough? Eight months after the departure of Richard Broadbent as
head of global corporate finance, Schroders is no nearer to finding
its direction. With his abrasive style, Broadbent caused shockwaves
at an old city firm run by consensus. But he also produced results
especially in Europe. Ironically, he came unstuck when he took his
individualistic approach to the US and lost a fight with
long-standing American managers. The fall out from his departure is
still continuing. Nick Kochan reports
Euromoney January 2000
There's nothing wrong with the Austrian capital
market, but volumes are down, more for reasons of fashion than
fundamental value. The big banks aren't relying on a resurgence
soon, and have set their sights on a wider regional market. David
Shirreff reports
Euromoney January 2000
Investors in euro corporate debt have had a
rollercoaster ride. They've gone from europhoria to nursing burnt
fingers, and to drawing the lessons for 2000. As if buying endless
new credits wasn't complex enough, they are simultaneously having
to understand and predict the course of Europe's M&A boom. How
do you cope in a market that's fast-growing, unbalanced and full of
nasty surprises? Marcus Walker profiles four of the top asset
managers to find out
Euromoney January 2000
It didn't take long for France to notice the success
of Germany's market in euro Pfandbriefe. In June, lawmakers in
Paris copied and fine-tuned the German formula that investors love.
But unlike Germany's Hypotheken and Landesbanks, the French issuers
of obligations foncières don't rely on interest-rate punts to make
a profit. French Pfandbriefe work how the German original was
supposed to. Marcus Walker reports
Euromoney January 2000
New forms of corporate restructuring are appearing in
Dutch business. Leading pensions funds are agitating for
shareholder value and companies are responding by listing
subsidiaries. But some Dutch companies want to retain control of
non-core divisions and exposure to their growth prospects, while at
the same time benefiting from favourable stock market ratings for
these businesses. So they are listing minority stakes in large
divisions through so-called equity carve-outs, rather than pursuing
full-blown spin-offs: a poor compromise or smart corporate finance?
Steven Wilson and Leo van de Voort report.
Euromoney January 2000
This year's poll of polls reveals a shuffling of the pack among the leading firms in the capital raising, trading, advisory and risk management worlds. A synthesis of all polls run by Euromoney in 1999 evaluates those firms which have real strength across the board.
Euromoney January 2000
Poland has rebuilt its pension system from the ground
up. Twenty-one funds had the chance to tap a massive new market but
three have emerged as clear leaders. Those outside this group will
find it almost impossible to make up ground, while the mainly
foreign winners are showing remarkable prospective share ratings.
Ian Dawson reports
Euromoney January 2000
Promises of banking restructuring have turned out to
be sham. Meanwhile the Russian economy looks to be on hold until
the war in Chechnya is resolved and a new president is installed.
But there are some signs of recovery, reports Ben
Aris
Euromoney January 2000
It may have more illustrious neighbours, but giant,
oil-rich Kazakhstan is largely self-sufficient in food, has a
functioning domestic capital market and modern pension system and
is run on democratic lines. It also has access to the international
capital markets and has just repaid a maturing Eurobond. Ted Kim
reports
Euromoney January 2000
The Euroyen market, which slipped into somnolence in
the 1990s, turned out to be the best performing in the world by the
end of 1999. A rising yen, Japanese economic recovery and the
beginnings of state-sponsored financial reform triggered a series
of new issues, first from supranationals, then from corporates.
Rebecca Bream reports
Euromoney January 2000
Edited: Peter Lee
Euromoney January 2000
Edited: Peter Lee
Euromoney January 2000
Edited: Peter Lee
Euromoney January 2000
Author: Gill Baker
Euromoney January 2000
Author: John Norton
Euromoney January 2000
Author: Metin Munir
Euromoney January 2000
Lawyers invest for EU expansionLaw firms move now to
win future business in central and eastern Europe. By Nigel
Page
Euromoney January 2000
Author: David Roche
Euromoney January 2000
Author: John Norton
Euromoney January 2000
Chairman, CWB Systems Services