November 2005
| Euromoney November 2005 Hedge funds are overflowing with money, and margins on traditional strategies are shrinking. One solution to their search for returns is to offer their services to companies in need of financing. Some are nervous about taking up the opportunities but others are discovering just how useful these new financiers can be. |
Euromoney November 2005
Do hedge funds need strategic advice from investment bankers? And do banks need to set up new departments to offer it? Yes, reckon UBS and CSFB; no, say many of their competitors. Antony Currie reports on whether treating hedge funds like other corporate or private-equity clients is the latest development in the industry or just a fancy bit of spin.
Euromoney November 2005
In the first of a series of articles, Euromoney examines the status of pension reform in two countries at the extremes of Asia’s pensions revolution, Taiwan and the Philippines. We ask the authorities charged with pension reform in these economies about plans and progress, challenges and expectations.
Euromoney November 2005
The Philippines’ state pension schemes are in a parlous financial condition and in desperate need of reform, but the government has no money. A private sector solution is available and there is time to fix the problems, but only if politicians leave well alone. Chris Leahy reports.
Euromoney November 2005
Taiwan recognized the failings in its existing pension systems early. A new scheme was launched in July. It is already accumulating funds rapidly and the effects on Taiwan’s domestic capital markets are likely to be dramatic. There will also be numerous opportunities for global asset managers. Chris Leahy reports.
Euromoney November 2005
Zhou Xiao Chuan, governor of the People's Bank of China, tells Sudip Roy why the renminbi was revalued and what financial reforms are next on the agenda.
Euromoney November 2005
India’s private-equity business is growing fast again. But unlike the late-1990s boom of flows to technology companies, money is heading into a broad range of sectors, reflecting the strong performance of the economy. Kautilya Shastri reports.
Euromoney November 2005
Investors are pushing bank CEOs to produce growth. Some are now touting their ability to wring cost savings from IT, capital management and the rationalization of wholesale businesses after big mergers. National regulators are losing their power to block cross-border deals. We are almost at the point, Peter Lee reports, where every big bank is in the firing line.
Euromoney November 2005
Sales of non-performing loan and real estate portfolios to foreign investors have stirred controversy in Germany, with the buyers being described by a senior politician as “a plague of locusts”. But the medium-term benefits could go beyond a much-needed injection of liquidity and balance sheet repair and provide a fresh impetus to the German economy.
Euromoney November 2005
The European Union is introducing the first uniform covered bond legislation. The long-term effects could be beneficial, but some issuers still point to discrepancies between countries that could stifle the development of a cross-border European mortgage funding market. Mark Brown reports.
Euromoney November 2005
The jumbo covered bond market was 10 years old this year. Its key characteristic has always been liquidity. But one analyst thinks this is no longer the case. Is the jumbo market in for a shock? Mark Brown finds out more.
Euromoney November 2005
In 2005, while issuers, underwriters, rating agencies and regulators have still been grappling with the question of covered bond identity, investor concerns have been more basic – spreads, yields, and the arrival of new investors. Mark Brown reports.
Euromoney November 2005
Another round of changes to financial legislation could reshape the German covered bond market. But it isn’t the new Pfandbrief Act that has got banks most excited. Laurence Neville reports.
Euromoney November 2005
The M&A boom is good news for equity capital markets. M&A, as well as generating more transactions, tends to be more profitable than other types of ECM deals. Banks with strong M&A businesses stand to benefit most. Peter Koh reports.
Euromoney November 2005
Global M&A volumes are heading back up to levels not seen since 2000. This should give investors pause for thought: 2000 was, after all, a year of excess. Although the market is very different today, some things never change. Peter Koh reports.
Euromoney November 2005
Pension funds’ need to outpace the effects of inflation has prompted growing exposure to alternative investments. Commodities look to be a good source of such diversification. But should exposure be direct or through an index? And if the index route is chosen, which benchmark is to be preferred?
Euromoney November 2005
Turkey looks set to be the next great EU convergence play. Now foreign banks want a piece of the aciton. But the owners of the country's financial institutions are seeking to form strategic partnerships rather than relinquish ultimate control. Kathryn Wells reports.
Euromoney November 2005
The Inter-American Development Bank’s new president, Luis Alberto Moreno, speaks to Sudip Roy about his plans to make the bank’s policies more relevant to the private sector in a region that is attracting growing investment inflows.
Euromoney November 2005
Banco Central de Chile president Vittorio Corbo is arguably Latin America’s most respected central banker. He tells Euromoney how he is keeping a lid on the region’s biggest economic danger – inflation.
Sudip Roy reports from Santiago.
Euromoney November 2005
With an amazing recovery from the brink of collapse and a comprehensive debt restructuring, everything seems to be going right for the Dominican Republic. But all the old economic weaknesses are still there and they need urgent attention. Felix Salmon reports.
Euromoney November 2005
Arab banks have sustained the recovery that began in 2002, with Gulf institutions in the forefront. Morris Helal reports. Research provided by Capital Intelligence.
Euromoney November 2005
The hedge fund industry has matured at a faster pace than anyone could have anticipated. Sure, there are still problems, but the old habit of tarring all hedge funds with the old brush of suspicion must surely be left in the past.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Concerns about hedge fund positions in the face of Refco’s collapse have been overstated. The real consequence should be that investors are more wary of what they buy into.
Euromoney November 2005
Hybrid corporate bonds might be the new hot product of the Eurobond market but originators’ hopes for a deluge of new issues have not been fulfilled.
Euromoney November 2005
Investors want growth and are impatient to get it. Bank CEOs are feeling the pressure, so expect more M&A activity.
Euromoney November 2005
CDP’s latest issue shows the benefits of looking beyond the usual suspects to banks that offer strong secondary market support and enhanced distribution.
Euromoney November 2005
The sovereign should deepen its domestic market, not issue local-currency debt abroad
Euromoney November 2005
Dismissing the official charged with setting up a debt agency sends the wrong signals at home and abroad.
Euromoney November 2005
The bankruptcy highlights the CDO market’s continued inability to price in potential credit events.
Euromoney November 2005
Sovereign has shown it retains access to the capital markets despite political and economic woes.
Euromoney November 2005
Intrigue surrounds FSA views of an HBOS tier 1 deal. And the future’s not Bright for the bank’s funding chief.
Euromoney November 2005
US investors could put more than $470 billion to work in US treasuries if Asia’s appetite for dollars continues to fall. Analysts identifify a huge potential for domestic reallocation.
Euromoney November 2005
Cash corporate credit might be in short supply but borrowers still need to tread carefully.
Euromoney November 2005
Fears of oversupply fade in Europe.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Regulatory pressure has forced a crackdown on transaction delays.
Euromoney November 2005
Agency’s rating action places extra focus on bank’s securitization of first-loss positions.
Euromoney November 2005
Delphi’s bankruptcy shows that many of the imbalances remain in global structured credit.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
But the former Bundesbank head defends the creation of the euro.
Euromoney November 2005
Was there an ulterior motive for CMC Group’s decision to drop the deal4free brand?
Euromoney November 2005
Spot FX prices are so tight that it is almost impossible to make a profit from market making. Some providers are going to struggle to remain profitable, which might not be a bad thing.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Recent popular new issues rapidly faced heavy trading and price falls. With the tendency of speculative money to disappear as quickly as it arrives, it remains to be seen whether it will continue to plague IPOs later in the year.
Euromoney November 2005
A pan-European growth market could significantly boost EU GDP, but there are obstacles to putting it in place.
Euromoney November 2005
Experiments show that individuals with a specific type of brain damage, which prevents them from feeling fear, outperform normal players when it comes to making some investment decisions. Crack and methamphetamine addicts as well as alcoholics similarly outperform.
Euromoney November 2005
Montgomery & Co is known for its M&A advisory services. Now, it's pushing into equity research, institutional sales and trading. It will offer specialist research in key areas for growth companies: medical devices, biotechnology, speciality pharmaceuticals, wireless technology, digital media technology and semiconductors.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
But withdrawal of investors with unrealistic expectations seen as advantageous.
Euromoney November 2005
But can their value surpass the underlying market?
Euromoney November 2005
Increasing numbers of pension funds in Europe are making the choice not to use hedge funds in the region since returns have dropped off.
Euromoney November 2005
Wealth management arm put on course to “grow by multiples”. The appointment of Thomas Kalaris as chief executive of Barclays Wealth Management signals the start of a rapid build-up.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Quote from Brian Shapiro, president of management and technology consulting firm Carbon360, in regards to the impending registration deadline imposed by the SEC.
Euromoney November 2005
Technology companies have to swallow harsh market truths – and some pride – and give up independence.
Euromoney November 2005
New US bankruptcy laws that came into effect in October will alter the way companies go through restructuring and might make it harder to enter Chapter 11 bankruptcy protection. In addition the ability of companies to manage their own reorganization will be affected – giving creditors more say after a few months.
Euromoney November 2005
Brokerage firm Refco steals the headlines but Samsung faces major fine. South Korean electronics conglomerate Samsung has pleaded guilty to price-fixing in a far-reaching probe by the US Department of Justice and has been handed down the second-largest criminal fine ever
Euromoney November 2005
Airline is courting controversy with creditors after abandoning leased aircraft.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Fresh from big spending on China’s state lenders, global banks are lining up to buy into its securities industry.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
After a few tough years, the country is on investors’ radar screens again.
Euromoney November 2005
New loan programme re-establishes relations.
Euromoney November 2005
Euromoney November 2005
Leading presidential candidate promises orthodox finances.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Saudi and Qatari banks launch new investment products. National Commercial Bank has become only the second Saudi Arabian financial services provider to launch a Shariah-compliant mutual fund that will invest in the countries in the Gulf Cooperation Council.
Euromoney November 2005
Euromoney November 2005
Euromoney November 2005
Investors are offered first subordinated bond issue by a Middle Eastern financial institution, lead managed by Deutsche Bank and UBS.
Euromoney November 2005
Erste Bank launches The New Europe Blue Chip Index, covering the largest C&E European stocks traded on the Vienna stock exchange.
Euromoney November 2005
Euromoney November 2005
China’s inefficient economy is under threat because its capital costs are set to rise, but it is as likely to falter because US consumerism hits the wall. And there are signs that American profligacy cannot be sustained much longer