January 2006
| Euromoney January 2006 Tier 1 perpetual CMS-linked products, once in high demand from private investors, have shown their dark side. Some deals have lost 20% of their value. Their highly illiquid nature means investors could be left high and dry. How did these inappropriate products come to be sold to an unsuitable investor base? Alex Chambers and Helen Avery report. |
Euromoney January 2006
Private banks are enjoying a period of growth as financial markets improve and global wealth increases. Long-term success will lie in offering a broader range of products linked to investment banking, while ensuring the high levels of service that clients now demand. Euromoney reports on the drivers of success in its annual survey.
Euromoney January 2006
It was set up by private bankers. It is run by private bankers, and it is built around private bankers. The brightest talents are flocking to it. Does EFG International have the model to take wealth management by storm? Peter Lee investigates.
Euromoney January 2006
Germany is the European market that most excites foreign banks seeking new wealth management business. But a few local players still dominate a market that should be ripe for internationalization. Mark Brown reports.
Euromoney January 2006
India’s private banking industry is booming. Indians living abroad and at home want to invest in the domestic markets. This is providing opportunities for local and international private banks. Kautilya Shastri reports.
Euromoney January 2006
Siegfried Jaschinski has a grand ambition for Landesbank Baden-Württemberg to be a regional, if not a national, champion of wholesale banking in Germany. A year after he became the bank’s chairman, Philip Moore spoke to Jaschinski about the realistic prospects of a self-proclaimed house bank.
Euromoney January 2006
Stephan Theissing is the treasurer of Allianz as well as its head of corporate finance. He’s the man that investment bankers, looking for a share of the global financial group’s substantial capital markets activity, need to impress. Peter Koh finds out what they have to do to win his favour.
Euromoney January 2006
Many of the most attractive banking assets in emerging Europe have already been bought. Acquirers must look further east for their next target. But investment bankers are already thinking of the next big play – a global bank trying to buy a presence across the region. Sudip Roy reports.
Euromoney January 2006
The European Bank for Reconstruction and Development is helping to develop securitization structures in central and eastern Europe. Sudip Roy reports.
Euromoney January 2006
The Czech Republic’s PPF Group, which owns Home Credit and insurer Ceska Pojistovna, has managed to achieve top three positions in all of its countries of operation and with limited need for international financing. Now, the previously inwardly focused group has finally begun to let outsiders in. Kathryn Wells reports.
Euromoney January 2006
Russia has an undeveloped equity market culture, so it is no surprise that there are few retail investors. But this is changing as confidence and understanding of the market grows and disposable incomes increase. Kathryn Wells reports from Moscow.
Euromoney January 2006
Concerned about growing inflationary pressures, Russia’s government plans to limit the amount state companies can borrow in international bond markets. Julian Evans reports on likely effects on the rouble capital market.
Euromoney January 2006
Kazakhstan’s three biggest banks dominate the industry, but there are opportunities for the country’s second-tier institutions. Patrick Gill reports.
Euromoney January 2006
Euromoney reports on the innovations driving the market forward, and profiles the winners of latest Islamic finance awards.
Euromoney January 2006
Thailand faces a looming pensions crisis. Its government is already moving down the path of reform but its critics don’t like the direction in which the programme is headed. Chris Leahy reports from Bangkok.
Euromoney January 2006
Greece’s economy grew faster than expected in 2005. But its government faces a major challenge in 2006: to maintain its strong growth rate while complying with the EU directive to cut its budget deficit by the end of the year. By Dimitris Kontogiannis.
Euromoney January 2006
Nicolás Aguzín’s appointment as chairman of JPMorgan’s Latin American franchise heralds a new strategy in the region. Gone is the big picture approach; now the emphasis is on getting the nitty-gritty right and building long and lasting corporate relationships. Felix Salmon reports.
Euromoney January 2006
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Euromoney January 2006
The economy minister’s ousting signals the end of an era.
Euromoney January 2006
Like bespoke tailors, private bankers have to offer clients just that little bit extra.
Euromoney January 2006
Complaints about the prices of bank privatizations do nothing to further the cause of China’s continued integration into the global economy.
Euromoney January 2006
Nobody in their right mind would spend the week before Christmas trawling through the credit outlooks for 2006 published by investment banks, so Euromoney has done it for you. The good times should continue to roll, but look out for some painful bumps along the way.
Euromoney January 2006
If Mifid forces banks to physically trade illiquid bonds they publish prices on, they won’t risk their capital.
Euromoney January 2006
India is fast becoming a remote front and middle office for the banking industry.
Euromoney January 2006
Fewer new financial sector rules from the EC might sound like a welcome respite, but it is not the same thing as no new rules.
Euromoney January 2006
Hybrids will drive investment-grade issuance this year. The emergence in mid-December of Burlington Northern’s $500 million hybrid debt transaction via Merrill Lynch and Goldman Sachs indicated that the first US corporate hybrid, issued by Stanley Works the previous month, was not a one-off.
Euromoney January 2006
Loss of guidance note 5 wording boosts shareholder leverage.
Euromoney January 2006
The bond market might have underestimated the troubled issuer’s ability to realize investment-grade ambitions.
Euromoney January 2006
Excitement over corporate hybrids has been replaced by hopes of a boom in M&A refinancing.
Euromoney January 2006
Technicals will turn negative and valuations widen this quarter.
Euromoney January 2006
Euromoney January 2006
Euromoney January 2006
Euromoney January 2006
Citigroup, Morgan Stanley and RBS finance the UK pub party.
Euromoney January 2006
Investment banks Nomura and Mediobanca are about to close Italy’s largest ever securitization of regional healthcare receivables, according to market sources in Italy and London. “This is the largest ever deal of its type, and it has unique structural features that have never been used before in this asset class,” says a source close to the €2 billion transaction.
Euromoney January 2006
Innovation and wider investor participation continue apace.
Euromoney January 2006
With their core jobs as trustees and paying agents commoditized, corporate trustees are relishing the chance to carve out a new role for themselves on structured credit deals.
Euromoney January 2006
Market dismisses concentration risk claims.
Euromoney January 2006
Euromoney January 2006
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Euromoney January 2006
Acceptance as asset class and Ucits III mean new retail currency funds.
Euromoney January 2006
Most analysts got it wrong in 2005, who says they’ll get it right this time?
Euromoney January 2006
Last month’s cover story received a lot of feedback. It seems sell side is in a state of flux and running scared of algorithmic trading.
Euromoney January 2006
Euromoney January 2006
Euromoney January 2006
Euromoney January 2006
Just as Schroders Investment Management joins the ranks of company pension funds to dramatically cut equity exposure, the debate about the merits of such moves is heating up.
Euromoney January 2006
As economic growth slows in 2006, more businesses are expected to fail, with the biggest increases likely in Germany, Japan, the UK, and the US.
Euromoney January 2006
After earlier forecasting that European share prices would rise in 2006, Standard & Poor’s equity research now expects a 7% fall. The change in outlook is the result of the European Central Bank’s decision to jump on the bandwagon of global monetary policy tightening.
Euromoney January 2006
Telecom Egypt kick-started the Egyptian government’s privatization programme by completing the biggest IPO from the Middle East and North African region in 2005 in December.
Euromoney January 2006
A trader at Mizuho Securities in Tokyo accidentally sold 610,000 shares in J-Com for ¥1 instead of one share for ¥610,000.
Euromoney January 2006
The Tokyo Stock Exchange found that a malfunction in its new and trouble-prone trading system prevented Mizuho Securities from being able to cancel the mistaken J-Com order.
Euromoney January 2006
Euromoney January 2006
Hedge funds are main drivers into insurance underwriting. An increasing number of hedge funds and private investors are looking to the insurance markets as a source of attractive returns and diversification.
Euromoney January 2006
The investment manager reckons there is a wider market for its products.
Euromoney January 2006
When Malcolm Glazer bought UK Premiership football club Manchester United in May, alarm bells rang. The £790.3 million ($1.4 billion) deal was partly funded by a high-cost loan of £275 million from three US hedge funds, and subject to strict ebitda targets over the first two years.
Euromoney January 2006
Funds are still unsure what use they can make of derivatives.
Euromoney January 2006
Euromoney January 2006
A new series of private banking indices is to be launched this month, replacing those ABN Amro established in May.
Euromoney January 2006
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Tougher financing conditions are now making it harder to execute.
Euromoney January 2006
In battle for Time Warner, he must convince institutions and the proxy recommendation service advisers.
Euromoney January 2006
The general picture’s good and the four biggest economies are simultaneously on a growth path.
Euromoney January 2006
Euromoney January 2006
Euromoney January 2006
Euromoney January 2006
In an historic move in late November, the People’s Bank of China, the country’s central bank, conducted the first ever swap of renminbi with the US dollar, a move that it intends to repeat fortnightly.
Euromoney January 2006
Euromoney January 2006
UK activist hedge fund The Children’s Investment Fund (TCI), famous for its successful campaign against Deutsche Börse, shook up Hong Kong’s collegiate corporate world with announcements that it had built up stakes in two of the territory’s corporate elite.
Euromoney January 2006
Euromoney January 2006
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Euromoney January 2006
Analysts are pondering the new economy minister’s strategy.
Euromoney January 2006
Latin American banks have come a long way since the financial crises of the 1990s and ordinary citizens are bringing their savings out from under their mattresses like never before.
Euromoney January 2006
Investors seem to like Mexico’s new investment fund, Impulsora del Desarrollo Económico de America Latina (Ideal), owned by the country’s richest man, Carlos Slim.
Euromoney January 2006
Euromoney January 2006
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Euromoney January 2006
Republic’s next challenge is to revamp its domestic debt portfolio.
Euromoney January 2006
Euromoney January 2006
Rash of strategic sales and IPOs planned.
Euromoney January 2006
The National Bank of Abu Dhabi’s (NBAD) $850m floating rate note sold in December has set a new benchmark for the region’s issuers both in terms of size and spread.
Euromoney January 2006
EMEA to see further growth in asset-backed transactions.
Euromoney January 2006
Euromoney January 2006
Europe is in better shape than a cursory examination of its politicians might suggest.
Euromoney January 2006
The security for the sixth ministerial conference was intense but Korean protesters were still able to set off a police fishing operation and the director-general did not escape a barracking, while residents wonder what it’s all for.
Euromoney January 2006
Everyone seems to be making the decision to seek alpha in foreign exchange, but what does that entail? Leading figures in the FX market debate how to combine systematic and discretionary risk allocation, the importance of choosing the right managers, understanding volatility and whether or not the sell side has helped the transition to alpha.
Euromoney January 2006
Europe may have one currency, but it still has many payment systems. What will be the impact of SEPA on banks and their clients? What opportunities exist in emerging Europe? Leading cash management professionals debate the confusion over standardization and the pros and cons of payment factories.