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Special focus: Sub-prime and leveraged loans

Special focus: Sub-prime and leveraged loans

Follow the buildup to today's subprime and leveraged loan problems.

Sovereign wealth funds

Sovereign wealth funds

An in-depth look at the state-owned sovereign wealth funds that dominate the attention of the world's financial markets

September 1997

September 1997

Winning the China game

Euromoney September 1997

The biggest contest in the 21st century will be to win in China. Whether it's IPOs, M&A or mutual funds, growth forecasts for China put all other markets in the shade. But the world's biggest potential market is also the toughest to crack. What's the right strategy? Steven Irvine looks at how the major investment banks are positioning themselves.

Features

Emerging Market Bank Ratings 1997: Rating good and bad banks

Euromoney September 1997

Taiwan's Shanghai Commercial & Savings Bank is an unknown name in global finance. But this private-sector bank is very special. It gets a top ααα in Euromoney's new emerging market bank (Emba) ratings, covering 450 lesser-known banks. Pakistan's state-owned United Bank came bottom. The ratings go where others have feared to tread. Brian Caplen explains their use as a vital tool for counterparty risk.

Speculate and be damned

Euromoney September 1997

Rather than demonizing George Soros as the prime mover of the run on their currencies, Asian central bankers need to ask themselves hard questions. Why did the hedge funds go on the attack, and who provided the funding? Do they realize what banks are up to, have they decided which of these activities are legitimate, and are there any effective means of restraint? Laura Covill reports.

A question of balance

Euromoney September 1997

Currency crises in emerging markets are the result of too much foreign capital, not too little. An early warning barometer is a country's "fundamental balance" - current account plus foreign direct investment. But even then, if small economies can't absorb the inflow they should form regional currency blocs. Roll on the Singapore yen, the Polish euro and the Mexican dollar, writes Michael Howell.

Financial crisis game: The ultimate stress-test

Euromoney September 1997

This is the game to beat all games. And it has a purpose: to give bankers and regulators experience of a financial crisis without the pain of losing their money - or their jobs. Euromoney (with PA Consulting Group and CSFI) set the conditions for a financial meltdown and invited 50 experienced professionals to come and play it out. The tension and the rivalry were real. Most agree they learned something about crises, and perhaps how to prepare better for the next one. By David Shirreff.

Can bankers be their own cops?

Euromoney September 1997

In the old days, regulators set the rules and bankers followed them. Now, the Group of Thirty wants to create voluntary standards for global risk management. Some people applaud this experiment. But bankers who Oppose it have been biting their tongues. James Smalhout reports.

Shopping for the big day

Euromoney September 1997

Did Bankers Trust buy Alex Brown to make itself more attractive to a potential buyer? And should NationsBank buy First Chicago to give it more bargaining power in any future merger talks, possibly with BankAmerica? As America awaits its biggest-ever banking mergers, such are the advanced strategies under discussion. All will become clear after the final round of mega-mergers, reports Peter Lee.

Finance Minister of the Year: Chubais forces the pace

Euromoney September 1997

Since Anatoly Chubais became finance minister, Russia's stock has risen dramatically. The architect of privatization is now pushing ahead with wide-ranging economic reforms, to the delight of the international community.

Central Banker of the Year: Yam: Hong Kong's sharp-shooter

Euromoney September 1997

His combative approach - along with $70 billion reserves - has seen off all the currency speculators so far. But does Joseph Yam sleep easy at night?

Global Financing Guide: Pleasing the crowd

Euromoney September 1997

The 1997 Euromoney poll reveals some sharp differences of opinion between borrowers and bankers themselves about which are the best capital market intermediaries. But JP Morgan stays the overall favourite. By Rebecca Dobson.

Deals of the Year

Euromoney September 1997

It's been the year of the emerging markets with many of Euromoney's 50 best deals of the year coming from key countries such as China, Russia, Brazil and Argentina. Our selection focuses on the important, interesting and innovative transactions from January to August. We have selected five for special mention and also highlighted some deals that were, frankly, dogs. By Robert Minto.

The quest for a new El Dorado

Euromoney September 1997

Foreign banks looking to diversify in international markets have pinpointed Latin America as the new growth area. But whereas in the past they largely confined themselves to investment banking and elite customers they are now seeking to build broader retail operations, either through outright purchases of local banks or buying large stakes in them. Michelle Celarier reports on a race that has sent the prices of even the shakier institutions to surprising levels.

Brave new Mexico

Euromoney September 1997

The Mexican financial scene has substantially changed since the 1994 crisis. Out of the dust of the crash broader and better organized capital markets have emerged. Debt restructuring has built up yield curves and bank asset sales are creating new instruments. Even the equity markets seem more buoyant. Jennifer Tierney reports.

Brazil's companies reach out for funds

Euromoney September 1997

Much more private-sector activity from Brazil is expected on international capital markets as the privatization programme progresses. Unsecured bond issuance is only part of this expansion. And as hyperinflation becomes a distant memory, the domestic capital market is also growing rapidly. Michael Marray reports.

Latin 100 1997: The biggest Latin banks

Euromoney September 1997

Private-sector Brazilian and Argentine institutions top our table of the leading banks in Latin America ranked by shareholders' equity. Commentary by Rebecca Dobson.

The great bank sell-off

Euromoney September 1997

Want to buy a biggish local bank at a knock-down price? Join the queue of foreigners bidding for former state-owned banks in central Europe - but watch out for messy loan books and murky questions of ownership. Antony Currie reports on the restructuring of the region's banking systems and profiles three of the newly foreign-owned banks.

Why investors love Poland

Euromoney September 1997

After two successful privatizations this summer, foreign investors have become highly enthusiastic about Polish stocks. And there's more to come: some 80 companies have applied to the SEC to issue shares before the end of the year, and 60 of these would be IPOs. Antony Currie reports.

Hunting for yield among local bonds

Euromoney September 1997

For emerging-market bond investors in the know, the former Soviet Union - especially central Asia - is the place to be. Debt markets have rallied across the board, yields are mostly buoyant, and currencies have held their own against the dollar. But title and settlement can sometimes be a little hairy. Theodore Kim investigates the excitement.

Arab 100 1997: Good times hit the Gulf

Euromoney September 1997

With a rare combination of rising oil prices, bumper harvests and policy reforms lifting the economic fortunes of the Middle East, its banks enjoyed a good year in 1996. Tony Wynne and Anthony Christofides take a look at the top 100 Arab banks and assess their prospects for 1997.

Bank reform goes only skin deep

Euromoney September 1997

France's banks are stifled by bureaucratic management, crippled by the over-expansion they undertook in the 1980s and hampered by regulatory obstacles to restructuring. What better time for an outsider with deep pockets to buy into one of the largest banking markets. By John McGrath.

Gearing up for growth

Euromoney September 1997

The new South African government's enthusiasm for the free market has surprised some sceptics. But does it have the right plan to tackle the country's problems of entrenched unemployment, fitful economic growth and a heavy dependence on gold exports - not to mention rampant crime? Bruce Cameron reports.

An oversold formula

Euromoney September 1997

The New Zealand economy's been riding a switchback. Stability would offer a welcome breather, as Albert Smith explains.

Deals break new ground

Euromoney September 1997

Australia's financial markets have hit the headlines this year. While Australian dollar-denominated Eurobonds have been in vogue with European investors, privatization and a changing mortgage market have spurred a wave of issuance by Australian companies. Albert Smith looks at some of the landmark deals.

Editorial

The end of Asia's strongmen

Euromoney September 1997

Front End

Pick of the parties

Euromoney September 1997

See Moscow and defect

Euromoney September 1997

A Chechen Eurobond?

Euromoney September 1997

Thais tie on Thai ties

Euromoney September 1997

Any Taiwanese here?

Euromoney September 1997

They're not all dull

Euromoney September 1997

Market monitor

Deal Insider

The battle for Svyazinvest

Euromoney September 1997

Ukraine's opportunistic debut

Euromoney September 1997

Blazing a trail into new markets

Euromoney September 1997

Emerging Markets

Against the Tide

People

Financial Lawyer

From Russia with love

Euromoney September 1997

Emerging market governments may be keen to attract foreign equity investment, but, as foreign investors in Russia are learning, the lack of legal protection threatens to stop such investment in its tracks. By Christopher Stoakes.

The Moorgate Saga

The great IMF sell signal

Euromoney September 1997


We hope this enterprise will be the start of our full enchilada offering in the future

Alejandro Valenzuela, chief executive of Mexican bank Banorte, plans a tasty treat for clients and shareholders

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