Euromoney December 1997
It's a simple idea. You own most of a company so you control its fate. But this notion of shareholder value has been slow to reach continental Europe where governments often allow small groups of long-term shareholders to control public companies. Things are starting to change. Cross-border mergers - even hostile foreign bids - are becoming more common, debt-financed deals are supplanting stock swaps and companies are making big acquisitions using hybrid tradable loans. Michelle Celarier reports on the Americanization of European M&A.
Euromoney December 1997
Credit derivatives will transform the way banks manage their balance sheets. Once banks adopt a true portfolio approach, they will create a fully liquid secondary market in credit risk. Before then, demand for loans, asset swaps and credit derivatives will surge as proprietary traders and hedge funds cut up the credit curve. Mark Parsley reports.
Euromoney December 1997
There's going to be ferocious competition in the European bond markets post-Emu. Domestic players still have a stranglehold but global houses are making inroads. The best opportunities will be in countries where capital-market deregulation has been slowest, as Gavin Gray reports.
Euromoney December 1997
It is one of the boldest economic plans of the century: China wants to sell or merge its state-owned enterprises - nearly half the country's economy. Jack Lowenstein reports on the difficulties ahead.
Euromoney December 1997
Outside Japan, Asian investors have become a rare breed in recent months. But they still exist, and the one thing they prize above all else is liquidity. Antony Currie reports on attempts to cultivate a group of investors whose importance can only increase.
Euromoney December 1997
Which are Asia's most sophisticated borrowers? This is the question Euromoney put to 16 heads of debt syndication in Hong Kong, Singapore and Tokyo. As spreads widen and credit ratings fall, these are lean times for Asian borrowers. Only the best - those who have spent the past few years developing an innovative approach and building up a good name - will be able to get their bonds away. By Nicholas Bradbury.
Euromoney December 1997
They are two of Asia's premier fixed-income investors. They are also former investment bankers. Euromoney invited Brian Lippey of Tokai Asia and Albert Cobetto of Prudential Asia to dinner to chat about dressing down in Hong Kong, how it feels to switch to the buy side and which houses have survived the stock market crisis best. Steven Irvine poured the wine and asked the questions.
Euromoney December 1997
...and what of 1998? Most of 1997 was a borrower's market in Latin America but the October market upheavals took the shine off bonds. Structured deals fared least badly and may prove the best way upwards in the new year. Michael Marray reports.
Euromoney December 1997
Whether for acquisition, expansion or simply to meet regulations, banks are finding there are better ways to raise capital than straight equity issues. Innovations include issuing preference shares, step-up and call bonds and asset-backed securities. Jules Stewart reports.
Euromoney December 1997
Trade finance used to be a less glamourous part of the business. But times have changed. Banks have seen there's money to be made if deals are intricately structured and widely traded. That means building teams with the required expertise. When a trade financier's phone rings now it could well be a headhunter offering a better package. Rupert Wright reports on the new dynamism.
