April 1997
| Euromoney April 1997 Over the past three months Euromoney editor Garry Evans interviewed Ospel for a total of five hours, twice in Ospel's office in Basel and once last month, the day after the bank announced its 1996 results, by video link-up between London and Basel. The full 15,000-word text follows. |
Euromoney April 1997
Has the European Bank for Reconstruction & Development outgrown its usefulness in Hungary, Poland and the Czech Republic? Some financiers believe the EBRD should concentrate on less-advanced countries with less developed capital markets. In Hungary they see it as a rival aggressive and deal-hungry as any merchant bank. David Shirreff reports.
Euromoney April 1997
You're a first-time emerging market issuer in the bond market. Banks are desperate to win the mandate for your deal. But you want to make sure it flies. Do you, as Croatia did, put together two lead-managers? Or six leads, as in the forthcoming yankee for the Philippine central bank? No; if you're wise, you do the conventional thing and stick to one bank that you have a long-standing relationship with. Steven Irvine explains why.
Euromoney April 1997
In the time perspective of the bond markets, the European single currency is tomorrow, not some 20 months away. Issuers need to attract investors from a wider universe now. One approach is complex instruments that can eventually take on a euro denomination; another takes the plunge into a currency that doesn't yet exist. On the corporate front credit rather than currency is set to be the key determinant of performance. And that means European fund managers are likely to take an increasing interest in high-yield bonds. Peter Lee reports.
Euromoney April 1997
At least two years after the UK and most other good European states, Germany may finally implement two EU directives that are vital to safer, fairer and more harmonious European finance. Who has gained and who has lost from the delay? David Shirreff reports.
Euromoney April 1997
Banks putting the wrong value on out-of-the-money options isn't a new phenomenon, but today's fat bonuses and fiercely competitive markets lead us into temptation, says David Clark.
Euromoney April 1997
The odds are against women scaling the heights in finance. Glass ceilings still exist and tradition favours men when it comes to senior promotions. Despite this a small group of very talented and determined women have triumphed. Euromoney has identified 10 outstanding women and another 40 of notable achievement.
Euromoney April 1997
Ideal location or in-room modems, seat size or frequent-flier programmes: what do business travellers value highest in their trips around the world? Garry Marchant pins down the priorities of some top businessmen and asks which hotels and airlines measure up best to their demands.
Euromoney April 1997
In an age of specialism corporate spin-offs have an inherent strategic logic. But they are also a potent way of unlocking equity value. Antony Currie reports on the spread of the technique from the US into increasingly equity conscious continental Europe.
Euromoney April 1997
If the EU's single currency begins on schedule in 1999, further breaking down national boundaries, France's capital markets will be a major contender for a central role, squaring up to Germany in the fight for benchmark status. And what if Emu is postponed? Katrin Fhima reports.
Euromoney April 1997
Many derivative exchanges have lost touch with what
their customers want most. That is liquidity, but also cheap and efficient processing of trades. Ambitious schemes for linking exchanges over time zones haven't brought this, so over-the-counter business is booming. Andy Webb reports.
Euromoney April 1997
What is the most nonsensical law covering the financial markets?
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Euromoney April 1997
Western banks and money managers are battling for a share of the emerging markets as a provider of investment funds. One of the fiercest fights is for the short-term cash deposits of Muslim investors, whose volume worldwide is estimated at $50 billion. Despite setbacks and strict rules against investment in interest-bearing securities, Islamic funds are all the rage.
Euromoney April 1997
Even the hardened souls on Intergalactic's trading floor gasp as JJ swings his wad onto the desk, challenging Ace Iceberg to one of the toughest plays on this planet.
Euromoney April 1997
Attempts to establish standard terms and codes of practice for the trading of distressed corporate debt have been spurned so far by the London market. Buyers of loans who don't read the fine print can find themselves with unexpected legal obligations. By Christopher Stoakes.
Euromoney April 1997
Which house in the primary international fixed-income markets is capable of catching and overtaking Merrill Lynch? Goldman Sachs or Morgan Stanley? Certainly Goldman is going like a runaway train this year. Morgan Stanley on the other hand needed a bump-start. How about JP Morgan, the bank with class written all over it?
Euromoney April 1997
When the story broke it caused more excitement than the time when everyone was asking, "who shot Roger Rabbit?" Suddenly every banker from Frankfurt to Hong Kong wanted to know, "who at Dresdner Bank shot Simon Robertson?"
