November 2006
| Euromoney November 2006 End investors and hedge fund managers are increasingly concerned about those funds of funds that take a hot money view, rapidly switching cash in and out of hedge funds. Some of the horror stories risk tainting the entire industry. Helen Avery reports. |
Euromoney November 2006
The back office is the unglamorous end of the deal chain. But as some banks are now finding out, keeping the pipes clear is vital if business is to be kept flowing from the front end. Lee Oliver reports.
Euromoney November 2006
Euromoney’s inaugural debt trading poll gives unprecedented insights into the increasingly complex derivatives-led world of debt trading.
Euromoney November 2006
CHAMPAGNE CORKS WERE popping in Lisbon to herald the smooth passage of Portugal’s covered bond legislation. So Europe has yet another covered bond market, news that will have been greeted with a certain amount of resignation in Italy by both banks and regulators. It all looks so easy, but somehow Italy has made it look very, very difficult.
Euromoney November 2006
Washington Mutual has broken new ground in several areas during the past year. Not least as the first American issuer of a covered bond. However, it made a substantial impact with its hybrid issuance too. WaMu’s treasurer, Robert Williams, explains his bank’s financing strategy to Alex Chambers.
Euromoney November 2006
A huge influx of liquidity has made the collateralized loan obligation almost standard fare for Europe’s institutional investors. But as they snap up CLO equity and new credit opportunity funds, they need to choose carefully.
Euromoney November 2006
The hedge fund industry is now institutional. In the US, 5% of the groups run 65% of the money, while in Europe concentration is even greater. To keep up, prime brokers need multi-asset skills, cross-margining and the IT to match. Dog walking may not be available any longer.
Euromoney November 2006
Created in 1961 to supplement the pensions of military personnel, Turkish pension fund Oyak has traditionally delivered returns by holding majority stakes in Turkish companies. Profiting from the economy’s strong growth rates, the addition of a fixed-income portfolio has enabled the fund to ride the volatility of the market. Florian Neuhof reports.
Euromoney November 2006
Asia’s property market is growing fast as it moves onto global investors’ horizons. Reits are in the vanguard of that development and are evolving rapidly. Those changes might yet pose challenges for investors. Chris Leahy reports.
Euromoney November 2006
The privatization of Japan Post means that a huge store of capital will be unleashed into the private sector. Lawrence White travelled to Tokyo to find out what progress has been made, and to assess the likely effects of this historic IPO on the global capital markets.
Euromoney November 2006
Malaysia’s government-linked companies are at a crossroads. All are embarking on reform but are they moving quickly enough? Sudip Roy reports from Kuala Lumpur.
Euromoney November 2006
Private equity has emerged a clear winner from stock market volatility in the Middle East – a large number of funds were set up as a result. But is there a risk of a bubble developing in this market too? Kathryn Wells finds out.
Euromoney November 2006
Freddie Mac withdraws liquidity from the euro market.
Euromoney November 2006
European issuers tapping the US capital market are increasingly using the extendible note market. They are driven by a need for liquid markets and relatively low appetite for the regulatory complications involved with 144a SEC registration
Euromoney November 2006
The market has coped well with debut deals from Sweden, the UK, Norway and Portugal; more are imminent.
Euromoney November 2006
Euronext.liffe makes an attempt to regain a foothold in derivative futures trading at the long end of the European bond curve this month when it launches a new range of bond futures based on the whole eurozone and the largest eurozone countries – Germany, France and Italy.
Euromoney November 2006
Several private equity firms are poised to launch new debt management businesses as the European CLO market goes into overdrive.
Euromoney November 2006
HSBC has transferred all of its UK mortgage assets into a single pool, which should cut costs for its new covered bond and RMBS programmes.
Euromoney November 2006
SG aims to capitalize on the increasing demand for credit derivatives as a risk mitigation tool.
Euromoney November 2006
Fitch Ratings has launched a wholly owned subsidiary devoted to the credit derivatives sector.
Euromoney November 2006
But are the banks really supporting the programme?
Euromoney November 2006
In two new reports, TowerGroup makes the easy prediction that daily volumes in FX will soon surpass $3 trillion. But making sense of whether the market will consolidate has proved harder to predict for the consultancy firm.
Euromoney November 2006
Model can help to attract new investors to asset class.
Euromoney November 2006
The central banks of Argentina and Brazil are putting together a proposal that will ease trade payments between importers and exporters in the two countries.
Euromoney November 2006
After the defection of three of its key FX staff to Merrill Lynch, Dresdner Kleinwort has acted quickly to try to instil some stability into the business unit.
Euromoney November 2006
Euromoney November 2006
Project looks great on paper. But will it succeed?
Euromoney November 2006
Strange market conditions prevail as companies face investors that are spoilt for choice and hedge funds that are increasingly cautious.
Euromoney November 2006
NYSE will keep the floor alive having introduced electronic trading; critics say floor traders will soon be swamped.
Euromoney November 2006
Regulators hope to repeat their success in reforming practices in the credit derivatives market.
Euromoney November 2006
Euromoney November 2006
Euromoney November 2006
Longer-term investments can antagonize investors with shorter-term views. Ritchie Capital looks to have found a way to defuse the conflict.
Euromoney November 2006
Euromoney November 2006
It’s easy to see why Brian Hunter of Amaranth notoriety – and so many others – were caught long of natural gas. The prices of natural gas have risen dramatically since 2000. But how much of that increase has been due to underlying supply and demand?
Euromoney November 2006
Ben Shoval and his partners have found a lucrative real estate niche: early stage, short-term funding for sound, non-speculative developers. Helen Avery reports.
Euromoney November 2006
Euromoney November 2006
Euromoney November 2006
Investment banks in Japan are preparing to compete for a share of the lucrative market for corporate hybrid capital issuance that they hope will develop following retailer Aeon’s pioneering 50-year security.
Euromoney November 2006
As the unremittingly positive attitude of investors and analysts towards Vietnam just seems to get even more positive, capital raising for new fund launches is rising fast.
Euromoney November 2006
Evolution Securities China to bring China Medstar to London’s junior market in latest deal.
Euromoney November 2006
Electronic trading of Japanese government bonds will account for half of the inter-dealer market by the end of 2006, according to estimates in a report published by research firm Celent.
Euromoney November 2006
An inaugural Asia Pacific wealth management survey from Merrill Lynch and Capgemini highlights the growing concentration of the region’s wealth in the hands of the already rich, deemed high-net-worth individuals (HNWIs).
Euromoney November 2006
There is anecdotal evidence that hedge funds have been increasingly important players in emerging markets for some time now. But a new report from Greenwich Associates has quantified the trend to a startling extent.
Euromoney November 2006
Latin America’s bankers take note. If Gaetan Bucher has his way, within four years they will be living and working in the Dominican Republic (DR).
Euromoney November 2006
SOME 50,000 small- and medium-size companies in Chile will benefit from a proposed new law that will make it much easier for companies to switch bank lender, according to banking experts.
Euromoney November 2006
At the end of September Petrobras, the Brazilian state-owned oil and gas company, completed dollar and yen issues within days of each other – its first such deals in two years. CFO Almir Barbassa talks to Chloe Hayward about why the company has suddenly become so active again.
Euromoney November 2006
Chávez says that he might try to seize four companies operating in Venezuela owned in part by Exxon, ConocoPhillips, Chevron, Total and Statoil.
Euromoney November 2006
Euromoney November 2006
Euromoney November 2006
Banks jostle for league table positions as volumes show no sign of letting up.
Euromoney November 2006
MDM deal heralds new swap technology.
Euromoney November 2006
Oman’s Blue City Investments securitization packages a series of unusual risks for ABS investors.
Euromoney November 2006
The City of Moscow’s Sergei Pakhomov hopes that full rouble convertibility will offer a way around restrictive legislation that governs municipal issuance in Russia.
Euromoney November 2006
Euromoney November 2006
Euromoney November 2006
Euromoney November 2006
Euromoney November 2006
ICBC listing might set a new record but investors should tread with caution.
Euromoney November 2006
The price that Macquarie was prepared to pay for Thames Water graphically illustrates the impact that infrastructure funds are having on this sector.
Euromoney November 2006
Yucho privatization is a big ask for Japan’s financial sector.
Euromoney November 2006
Tata Steel’s bid for Corus is at the vanguard of corporate India buying cross-border assets.
Euromoney November 2006
Private equity in the Gulf is developing fast but investors need to seek out experienced firms.
Euromoney November 2006
Technological developments in multilateral trading facilities look set to be much more significant than link-ups between private monopoly exchanges.
Euromoney November 2006
With falling returns for hedge funds, it looks as if a trend might be developing for their employees to return to less risky, better remunerated roles in investment banks.
Euromoney November 2006
Euromoney November 2006
There are signs that liquidity-generated inflation is spreading from financial bubbles into the output economy.
Euromoney November 2006
As recently as May this year, following the two 25 basis point increases of December 2005 and March 2006 that raised the European Central Bank’s main refinancing rate to 2.5%, ECB president Jean-Claude Trichet was speaking of the “still very low levels of nominal and real interest rates across the whole maturity spectrum”.
Euromoney November 2006
The wilder shores of technical analysis never want for proponents and followers. So are there perhaps truths to be found in all this numerology? Or is it just a load of bloody offal?
Euromoney November 2006
It’s somewhat ironic that Dresdner has an F1 car in the building. After all, motor racing is associated with glamour, sex appeal and life in the fast lane – all the things that Dresdner is not.
Euromoney November 2006
As readers of September’s 408-page issue will appreciate, Euromoney seldom finds itself lost for words.
Euromoney November 2006
The increased use of ever more powerful computers in the financial markets is having an unexpected effect on Canary Wharf, London’s supposedly modern, high-tech business location.
Euromoney November 2006
Singapore smog worst in ten years
Euromoney November 2006
Chernukhin gobbles up Poultry property
Euromoney November 2006
Euromoney November 2006