June 1997
| Euromoney June 1997 New president Junichi Ujiie says he wants to introduce radical change to clean up and modernize Nomura Securities. If he succeeds, the Japanese house could pick itself up from its recent scandal and bounce back to become a global financial power-house. But first Ujiie must halt the bloody factional infighting that marred the term of his predecessor, Hideo Sakamaki, and wipe out the pernicious influence of two former presidents, the Tabuchis. Garry Evans reports. |
Euromoney June 1997
The European Investment Bank, Euromoney's borrower of the year, is snapping at the World Bank's heels with careful timing and improved investor relations. Russia, best debut borrower, excited the market with its $1 billion and Dm2 billion opening salvos. While the experienced team in Buenos Aires makes Argentina our top emerging market borrower a few lines.
Euromoney June 1997
The job of borrowers today is to do much more than merely borrow. As well as raising new debt, they must think strategically: taking care of whole portfolios of existing liabilities; managing these liabilities against assets; managing duration and currency gaps between assets and liabilities to beat their benchmarks. Only then can they plan their moves in secondary markets or through new issues. It's a complicated and demanding game.
Euromoney June 1997
Corporate risk management is advancing dramatically because of computer power, communications, the Internet, and the value-at-risk (VAR) concept borrowed from banks. Several companies are leading the charge, and attempting to quantify risks that aren't just financial. But can that help the treasurer do his job? By David Shirreff.
Euromoney June 1997
US interest rate rises are an ever-present threat to Latin American bonds, but market bulls reckon such rises won't be as destructive as they were in 1994. Sovereign borrowing is easing, privatization is under way, rating upgrades of some corporates have left more room for lesser names and securitization is taking off. So corporates look likely to capture a much bigger market share. Michael Marray reports
Euromoney June 1997
Euromoney June 1997
Toys, baseball caps, anything to give investors that feelgood factor. It may seem like all cosmetics and packaging, but don't skimp on marketing your issue. Your access to funding could diminish next time round. Michelle Celarier reports.
Euromoney June 1997
With Russian issuance still in its early days, any new bond is a source of interest and speculation. The City of Moscow's debut didn't disappoint. Charles Piggott reports.
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Private investigator Kroll Associates has worked hard to restore its reputation following allegations in the early 1990s that its subcontractors employed unsavoury tactics to uncover company information. It has also adapted well to changing business patterns. Now, though, it faces competition from big accounting firms. Public ownership may be the answer, but could its absorption into US insurance information services company Equifax dull its investigative edge or turn it into big brother? Michelle Celarier reports.
Euromoney June 1997
Governments in emerging markets have spent $250 billion bailing out banks in the past decade. How can the industrial countries help stop the haemorrhage and any knock-on into their own markets? By imposing worldwide rules for better supervision, building markets and institutions in their own image, or by letting free markets do their work? James Smalhout reports.
Euromoney June 1997
Five years of debate do not seem to have taken the Asiaclear concept very far. Now there are fresh moves to set up an Asian-wide settlement system. But, reports Steve Irvine, perhaps Euroclear is already too far ahead even in Asia.
Euromoney June 1997
Portugal's banking sector has consolidated rapidly
since reprivatization but assets of $250 billion are still divided among more than 40 players. Emu and foreign competition demand even more mergers or alliances. The three big controlling families already have informal connections that could form the basis for closer ties. Jules Stewart reports.
Euromoney June 1997
Saudi Arabia's capital markets will require reform and liberalization if the kingdom is to build a dynamic economy on what is left of its oil wealth. The Saudi authorities are as aware of this as outside observers and their own bankers, but have been ultra-cautious about implementing change. Philip Moore reports on signs of a quickening pace.
Euromoney June 1997
Greek banks will need to consolidate if they are to be competitive in the European single-currency system. Much as their officials dread the prospect, it looks as if the big state-owned banks will also have to privatize to get fighting fit. Privatization in Greece has not been undertaken at break-neck pace, but the second tranche of telecoms company OTE's float will be a big step forward. Philip Eade reports.
Euromoney June 1997
Israel is awash with companies - many in the high-tech sector - eager to make equity and debt issues. Not surprisingly, foreign banks are beginning to establish local bases. The snag for the local capital market is that much of the listing is being done abroad, particularly on Nasdaq. Nick Kochan reports on efforts to bring some of it home.
Euromoney June 1997
HSBC Holdings has held on to the top spot in this year's rankings, while mergers have propelled Credit Agricole and Wells Fargo up the table. Elsewhere, Japanese banks have fallen while American banks have made a steady climb.
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
Euromoney June 1997
The use of credit derivatives is set to expand dramatically. Christopher Stoakes explains some of the legal pitfalls.