August 2006
| Euromoney August 2006 Two years ago structured credit was a cottage industry. Now it’s the sector every major investment bank wants to grow in. Alex Chambers reports on the conflicting dynamics of the market, and how banks are trying to position themselves. And in a brand new poll, Euromoney reveals the leaders in the market. - Deutsche and Goldman neck and neck
The results of Euromoney’s inaugural structured credit poll provide an invaluable insight into what is often an impenetrable sector of the capital markets.
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Euromoney August 2006
Summer began in style on July 13 as Euromoney hosted its annual Awards for Excellence Dinner in London.
Euromoney August 2006
Euromoney August 2006
Tan Sri Teh is the first winner of Euromoney’s Lifetime Achievement Award in Asia. His bank, Public Bank, also won best bank in Malaysia for the eighth time.
Euromoney August 2006
Joseph Ackermann has just signed on for another four years at the helm of Deutsche Bank. It’s testament to the success he has had in creating one of the world’s most successful banks. A new book seeks to explain why his achievements are lauded overseas but he is disliked in the country that his bank’s name bears. Will domestic difficulties bring his tenure to a premature end?
Euromoney August 2006
Bill Lipschutz was once considered one of the world’s top-five FX traders. Now managing currency hedge fund company Hathersage, he talks to Helen Avery about why FX is catching the eye of institutional investors and how he sees the trend developing.
Euromoney August 2006
High borrowing levels and possible interest rate rises could threaten profitability in the US and Europe, while Asian and Latin American banking systems become increasingly sophisticated, say analysts from Moody’s Investors Service.
Euromoney August 2006
You always need seat 1A, unless you’ve got a private jet. Your hotel room has to be just so. You’ve got a British Airways black card. Then you’re a travel diva, as Abigail Hofman knows only too well.
Euromoney August 2006
Do the US capital markets require rating agencies to continue to be regulated? It’s a question raised by legislation recently passed by the US House of Representatives and working its way to the Senate.
Euromoney August 2006
Building materials company Lafarge has become the first French issuer to issue an SEC-registered deal for five years. But despite the ease with which it did this it seems unlikely many will follow its example.
Euromoney August 2006
SpencerLake has joined HSBC as global head of debt capital markets after 17 years at Merrill Lynch. Lake had only recently been appointed to a newly created role of head of debt capital markets for the Asia-Pacific region at Merrill. He will be based in London and manage HSBC’s 250-strong origination team. He reports to Daniel Palmer, head of global capital markets.
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
German SME CLO deals continue to appear, despite disagreement on how these risks should be assessed.
Euromoney August 2006
A week is a long time in politics; a month in European CMBS can bring an almost complete reversal of sentiment. The €10 billion of supply in July took everyone by surprise
Euromoney August 2006
Emerging market CDOs look more attractive after the recent market correction.
Euromoney August 2006
Club’s £260 million deal could be joined by securitizations from UK Premiership rivals Liverpool and Man Utd.
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
The oft-perceived wisdom is that consolidation into the hands of fewer and fewer major players will continue. But the emergence of a new breed of service providers suggests this is simplistic.
Euromoney August 2006
Euromoney August 2006
In a motion filed with a US bankruptcy court at the end of June, Refco announced that it had entered into an agreement to sell its retail FX business, including customer account information and related assets, to Gain Capital Group. Both parties announced that, under the proposed terms of the deal, Refco FX’s clients could recover up to 100% of their currently frozen account balances.
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Reuters and the Chicago Mercantile Exchange have announced the financial institutions that have confirmed their intention of participating in their joint venture, FXMarketSpace’s Early Adopter Program.
Euromoney August 2006
Euromoney August 2006
About a third of sell-side analysts could lose their jobs over the next two years as fund managers do more of their own research and independent providers gain market share.
Euromoney August 2006
Electronic options market to open cash equity business in the third quarter.
Euromoney August 2006
Keeps lucrative business and becomes an exchange with formal SEC approval.
Euromoney August 2006
What’s to be expected from a for-profit monopoly?
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
PCCW is now controlled by Francis Leung. But that’s not the full story.
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Despite a downturn in emerging markets, Latin American companies are eager to tap the developing hybrid securities market to raise money to recapitalize their balance sheets without affecting their credit ratings or causing equity dilution.
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
When asked what vexes him most in his dealings with investment bankers, Fabio Barbosa, CFO of Brazilian mining company Companhia Vale do Rio Doce (CVRD), takes a few moments to think. He is certainly in a good position to offer an opinion. His company’s $1 billion 2016 bond was the largest ever Brazilian corporate issuance in the global capital markets; it has been able to issue cheaper debt than the sovereign; it comes to market regularly and leverages its global reputation and investment-grade rating to achieve extremely aggressive pricing on its bonds.
Euromoney August 2006
“Bond of the South”
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Transelectrica is the country’s first utility to IPO.
Euromoney August 2006
Inaugural mortgage securitization is sign of a fast-developing market.
Euromoney August 2006
G8 debt relief package will not constrain issuance plans.
Euromoney August 2006
Dubai Investment Group subsidiary Dubai Financial has bought a 40% stake in Malaysia’s oldest Shariah-compliant bank, Bank Islam Malaysia Bhd (BIMB) – the group’s largest single investment in the Asian financial sector to date.
Euromoney August 2006
Bahrain is experiencing a mutual fund boom, according to the Bahrain Monetary Authority, which says assets under management by BMA-authorized mutual funds have grown by 55% to $8.3 billion in the past year.
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Market participants need to focus on the relevance of information, and not just information for its own sake.
Euromoney August 2006
When three industry trade bodies join forces to issue a joint statement in response to regulatory proposals it’s clear that they are taking the matter very seriously.
Euromoney August 2006
The idea that Venezuela might issue a bond on Argentina’s behalf poses more questions than answers.
Euromoney August 2006
If equity investors paid closer attention to what is going on in parts of the bond market they could avoid kneejerk reactions to what is essentially old news.
Euromoney August 2006
Would the relatively small capital-raising needs of African sovereigns be best satisfied by joint international issuance or by wider use of their individual domestic markets?
Euromoney August 2006
Users of the EU’s clearing and settlement systems would like to see a firmer hand on the tiller.
Euromoney August 2006
Euromoney August 2006
If international football teams performed according to economic criteria, one from the eurozone would not necessarily come out on top.
Euromoney August 2006
With the recent sell-off behind them, Japanese and eurozone equities look to be more attractive growth or defensive prospects than US stocks.
Euromoney August 2006
Anyone investing in private equity now is making a bet that the business cycle has been abolished. Caveat emptor.
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
Euromoney August 2006
