Euromoney October 1999
During the 1990s central European countries were
taught that patience, self-discipline and the narrow road to convergence was the only way to qualify for Emu membership. It was a sign of progress when increased confidence in local currencies drove dollars and Deutschmarks off the streets of Prague, Budapest
and Warsaw. That's what the European Central Bank wants them to believe. But the Czechs and Croatians now suspect that by dumping their own currencies for the euro straightaway, they can take a short cut into Emu. The ECB is desperately looking for a way to
stop them. Laura Covill reports.
Euromoney October 1999
Doubling shareholder value every three years is an objective set in stone for UK bank Lloyds TSB. The trouble is, the more money it makes it's phenomenally profitable for a mature-market bank the harder it is to put it to work. But there's no sign that it's run out of ideas. Jules Stewart reports.
Euromoney October 1999
Default on Ecuador's Brady bonds could set the pattern for other bigger Brady debtors to follow. The IMF and other multilaterals appear to be egging them on. But is this the new pragmatic model for bailing in private creditors and avoiding moral hazard, or is it the first blast of a nuclear winter in emerging markets? By Michael Peterson.
Euromoney October 1999
Europe's high-yield debt market is having a difficult year. It can't shake off its ties to the US market. Moreover, when volatilities are high even the bravest investors head for the sidelines, reports Rebecca Bream
Euromoney October 1999
Euromoney October 1999
Euromoney October 1999
Euromoney October 1999
Fund managers knew the euro would change their world. Some boosted their stock and credit focus, others decided it was best to wait and see. Here, eight investors from Germany, France and Italy talk frankly about how they fared in 1999. Their tactics and views differ. But a frequent strand is a degree of irritation about their decisions to believe the hype about corporate bonds. Marcus Walker reports.
Euromoney October 1999
After nearly a decade of fanfare, the single European market for financial services is a ghost of what it should be. Turf battles, protectionism, and the inertia of Brussels decision-making conspire to frustrate cross-border financial business. There's still no Europe-wide bank account. But the euro and the pressure of electronic commerce have panicked EU mandarins. Things are moving - a decade too late. Behold the Financial Services Action Plan. David Shirreff reports.
Euromoney October 1999
On the surface the ADR market seems to be flourishing. However, a relatively small number of big issuers account for a disproportionate amount of the market by value. Emerging-market issuers seem to be returning, though, and ADRs are increasingly being used to fund mergers & acquisitions. Luciano Mondellini reports.
Euromoney October 1999
Corporates from Scandinavian countries in and outside the eurozone have rushed to the debt capital markets this year. Although pricing isn't especially attractive, corporate treasurers across the region need new sources of funding to replace the shrinking bank loan market. Those operating in restructuring industries are glad that a new European corporate bond market provides long-term finance, even for lesser-rated issuers. But it may become harder to do successful deals. Charles Piggot reports.
Euromoney October 1999
Merrill Lynch has long been tipped to become the
powerhouse in Asian equities. This year's survey of international
investors shows that it has reached the summit, ranking first in
pan-Asian research and execution. Its large-scale regional presence
is paying off as Asian markets recover. And this time the recovery
is built on stronger foundations than last year's ill-fated rally,
says Marcus Walker. Research by Alexa Marx
Euromoney October 1999
European equity brokers have been struggling with the challenge of shifting to sector research from country research. The big firms are going even further, with cross-sector analysis of rapidly changing industries. Luciano Mondellini reports.
Euromoney October 1999
There are a record number of equity offerings in the
pipeline for the rest of 1999. That may seem like good news for equity capital markets bankers. But with Y2K likely to close the market early this year those deals will have to squeeze through a narrow window. Even more worrying, this year has seen a surprising number of deals turn sour. Which of the deals in the pipeline is
likely to turn rotten? And which firms will be left celebrating the successes? Michael Peterson reports.