June 1999
| Euromoney June 1999 This is a brief and highly selective history of the international financial markets over the past 30 years. Who were the heroes, who were the villains and who made a difference? It's the story of hopeful financial centres that flourished, showed promise but ultimately lost out to London, of banks and bankers with vaulting ambition who made it big, came a cropper or laid waste the markets around them. It's a story of creativity, excitement, success and spectacular failure. By David Shirreff. |
Euromoney June 1999
The credit market in Eurobonds is becoming deep and varied. For the first time, corporates - including lower-rated borrowers - are driving the market. Securitization and hybrid debt are taking off as well. But which firms are best placed to sell these products to European investors? Marcus Walker reports.
Euromoney June 1999
How does an emerging-market sovereign extract the best from its underwriters? Argentina, praised for its borrowing success, has learnt its tough tactics the hard way. Gone are the days when freewheeling bankers could sell the republic a pup. Now they are met with controlled aggression and barbed comments alternating with soothing charm. Good cop, bad cop, Argentine-style, has shaved basis points off the nation's funding costs. Brian Caplen reports on the team behind the strategy
Euromoney June 1999
The last 12 months have not been kind to borrowers. A succession of blows to investor confidence have caused huge swings in sentiment. We started the period with the flight to quality, superliquidity and an avoidance of all things emerging market. We have ended it with a clamour fro credit product, a flight from quality and a surge in emerging market issues. These are the borrowers who best rode the storm.
Euromoney June 1999
What does the birth of a big new capital market in euros mean for the world's existing pool of liquidity, the US market? So far, few US borrowers have issued in euros, but they, along with American investors, are keeping a keen eye on the development of the market
Euromoney June 1999
Euromoney June 1999
Our annual Bank Atlas, produced in conjunction with Fitch IBCA, shows the impact of bank consolidation. Bank of America is now the world's biggest bank by shareholder equity.
Euromoney June 1999
An interesting document, which came into Euromoney's hands, maybe sheds some light on the furore in Japan about deals allegedly designed to defer losses over future reporting periods. David Shirreff reports
Euromoney June 1999
Prompted by the ravages of Hurricane Mitch and the crisis in emerging markets, Central America is changing - fast. As the crisis in Brazil finally explodes the myth of monetary sovereignty, Central American capital markets and institutions are being restructured in line with global developments. Michael Peterson toured Central America's banking sector, stopping off in Costa Rica to interview the president.
Euromoney June 1999
Portugal's banks are performing well, stimulated by the new single currency. In the long term, though, they will need to consolidate if they are to carve out profitable niches in euroland. One route to this, arrangements with Spanish banks, has just closed, at least temporarily. James Rutter reports on the likely next steps
Euromoney June 1999
An extensive audit of 18 Russian commercial banks
shows that many bigger ones are - by western standards - clinically dead. International lenders have lost patience. They want to push Russia's central bank and government into a major overhaul of the
sector. But they lack the leverage to enforce it. And the central bank lacks the will. John van Schaik reports.
Euromoney June 1999
Banking in Indonesia has a split personality. In the retail sector foreign banks are introducing state-of-the-art services and buying up bargains among local banks to expand their networks. Local commercial banks are in a much gloomier situation. The costs of recapitalization are rising, influential creditors are resisting attempts to restructure and the bankruptcy court has proved ineffective. Maggie Ford reports
Euromoney June 1999
Iceland's financial markets will barely be recognizable by the end of the year, such is the pace of change. Having opened its markets to foreign investment, the country is now pressing ahead with privatization. Rebecca Bream reports
Euromoney June 1999
Lebanese banks have lived well by investing in high-yielding treasury bonds. But with government debt issuance and interest rates set to fall, banks are looking for new ways to make money. Charles Olivier reports
Euromoney June 1999
Zambia's economy remains as dependent as ever on copper, and there is no immediate prospect that the current depressed price of this commodity will improve. Zambia also desperately needs currency stability. The kwacha has fallen by more than 70% against the dollar in the past two years and interest rates are over 30%. Helen Henton reports
Euromoney June 1999
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Euromoney June 1999
Euromoney June 1999
Euromoney June 1999
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Euromoney June 1999
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Euromoney June 1999
Euromoney June 1999
Euromoney June 1999
Euromoney June 1999
Given the number of banking and commercial agreements written under English law, bankers and corporate lawyers need to be aware of new litigation rules in the UK. By Christopher Stoakes
