April 2007
| Euromoney April 2007 China’s rainmakers just won’t
go away, even though most
investment banks now hate the
term and stress that it is the
bank, and not the individual, that
wins mandates. But the superstar
bankers are still vital to doing
deals in China. The old names
hold on to key positions, while a
new breed of dealmaker rises to
the top of the ranks. Which firms
have got their strategy right? |
Euromoney April 2007
The foundation on which Ferrovial built its acquisition of BAA was its securitization exit. But nearly a year after the buyout, the refinancing is nowhere to be seen. Louise Bowman finds out what’s happening.
Euromoney April 2007
Moody’s efforts to sell a new methodology for rating banks met with a vitriolic chorus of disapproval from market participants and ended in a humiliating climb-down. Now that the agency has patched up its joint default analysis it faces another struggle – to regain its credibility. Alex Chambers reports.
Euromoney April 2007
Dubai’s investment agencies might not have the scale of their counterparts from other parts of the Middle East but they are becoming voracious buyers of assets. Who are they and what are their plans? Sudip Roy and Simon Brady profile the people and strategies behind Dubai International Capital and
Istithmar as they join the ranks of the
world’s most powerful investors.
Euromoney April 2007
In less than four years Istithmar, the investment arm of conglomerate Dubai World, has become one of the most influential private and public equity and real estate financiers in the world. Its blue-chip holdings include Time Warner, Standard Chartered Bank and large swathes of Manhattan real estate. Sudip Roy reports from Dubai on how the fund has risen to prominence so quickly.
Euromoney April 2007
Simon Brady speaks to Sameer Al Ansari (SA), executive chairman, Dubai International Capital, and Rabih Khoury (RK), DIC’s head of Middle East and North Africa Investments about the strategies of the international investment arm of conglomerate Dubai Holding and how it fits in the Dubai Investment Group.
Euromoney April 2007
Lebanese banks have maintained a comfortable financial position despite last year’s Israeli attack and a continuing stand-off between Hizbollah and the government. However, the macroeconomic situation is far from rosy, not least because the country has the world’s highest debt-to-GDP ratio. James Drummond reports from Beirut.
Euromoney April 2007
Are Iranian banks based in London an unwitting victim of political tensions
in the Gulf, as US authorities try to limit their access to international finance?
Euromoney April 2007
For the funds, there are lots of advantages: diversification of funding sources; the ability to invest in less-liquid opportunities; and the power to raise more AUM. But do investors understand what they are buying? Helen Avery reports.
Euromoney April 2007
For most of this decade the majority of US investment banks have scorned covered bonds. Not any longer. So if it's true that they no longer believe it to be an unprofitable backwater of the European capital markets, what factors are at work? Philip Moore discovers.
Euromoney April 2007
Despite encouraging news from Bank of America, most US mortgage providers have so far remained aloof despite investor enthusiasm for covered bonds. Jethro Wookey reports.
Euromoney April 2007
Energy development and production have vast and growing capital needs that offer opportunities for investment banks. Add in commodity risk management as well as carbon trading and the prospects look even more glittering. Peter Koh reports, while a new survey shows which banks are leading the way.
Euromoney April 2007
Asia’s debt markets have soared and spreads over US and European markets have all but disappeared. Meanwhile, risk appetite continues to rise as new products become increasingly marginal. Asia’s debt bankers have much to ponder. Chris Leahy reports.
Euromoney April 2007
Stock markets keep on rising as the country celebrates the onset of the Year of the Pig. But market participants expect a correction soon and the regulators are eager to ensure that it is a controlled one that does not see off foreign capital. Elliot Wilson reports.
Euromoney April 2007
Long overdue fiscal prudence and a rising economic tide have presented the Philippines with its best chance in decades for sustainable economic growth. Chris Leahy reports.
Euromoney April 2007
With gross public debt more than 170% of GDP and domestic investors increasingly diversifying overseas, the country is keen to attract foreign investors, even as it struggles to reduce government bond issuance and stave off roll-over risk. Hiroshi Watanabe, Japan’s vice-minister of finance for international affairs, speaks to Peter Lee about Japan’s funding policy and broader economic prospects.
Euromoney April 2007
Eisuke Sakakibara is known as Mr Yen for the influence of his pronouncements on Japan’s currency and was Japan’s vice-minister for finance for international affairs from 1997 to 1999. An internationalist famed for making key policy speeches in English, he argues in this interview with Tetsuya Shibata that Japanese companies must become more outward-looking to prosper.
Euromoney April 2007
Japan’s small and slowly developing bond e-trading business is dominated by two firms, and having two separate platforms for the same product isn't speeding things up. Lawrence White asks the CEOs why this is.
Euromoney April 2007
Asian private banks are continuing to visit the wilder shores of alternative investments. Chris Wright reports.
Euromoney April 2007
Singapore leads the way in Asia Reits, followed by Japan and Hong Kong. Other countries are trying to take the same course, but with varying degrees of success. Chris Wright reports.
Euromoney April 2007
The inflation-linked bond market has grown dramatically in size and sophistication.
What is driving its expansion, and just how far can the market develop?
Euromoney April 2007
The regulatory framework of Europe’s single payments system is effectively in place. But the details of implementation by banks and corporates are still a matter of debate.
Euromoney April 2007
But move would boost liquidity when volumes are falling.
Euromoney April 2007
Structured covered bond may be repeated by other German issuers.
Euromoney April 2007
The launch of LCDX and release of Isda documentation in Europe could revolutionize risk transfer.
Euromoney April 2007
The influence of Basle II is starting to be felt in UK mortgage lenders’ funding plans.
Euromoney April 2007
Euromoney April 2007
Euromoney April 2007
Euromoney April 2007
Hysterical headlines and wild index swings have disguised what is really going on in the world of home equity loan securitization.
Euromoney April 2007
Are present market conditions a threat or opportunity for permanent capital vehicles in structured finance?
Euromoney April 2007
SG CIB takes its cue from collateralized loan obligation securitization.
Euromoney April 2007
Let Hoteloc be a warning on the risks in short tail period.
Euromoney April 2007
In December 2006, Mizuho unveiled Alexander Rekeda, Doug Munson, Jim Shepard, Bill Budd and several others as part of its new structured credit and debt capital markets team in New York. The bankers had formerly worked at Calyon, covering various areas of structured finance and debt.
Euromoney April 2007
Euromoney April 2007
The fourth CLO designed to free up risk capital for reinvestment in the PFI market has been launched. Roger James reports.
Euromoney April 2007
Anxiety rippled through the UK credit market when the UK’s top non-conformist mortgage lender, Kensington Group, said it was considering a sale to a US bank. Roger James explains why.
Euromoney April 2007
Industry-owned utility ponders fundamental change to business model.
Euromoney April 2007
A wobble in China, a rapid sell-off in global equities, a flight to the safe haven of government bonds and the unwinding of carry trades were all evidence of a change in investors’ risk appetite starting in February and going through into March. The moves showed many things, including the interdependence not only of various currencies but also different asset classes. For a brief period, the path of global equity markets seemed to be dictated by what was going on in an intraday basis in spot sterling/yen.
Euromoney April 2007
There was a flurry of activity in the FX employment market in March as those market participants who got bonuses banked their cheques.
Euromoney April 2007
More real estate companies have come to the market in the past two months than in the past two years.
Euromoney April 2007
The equities business at leading investment banks is booming, according to a report from the Boston Consulting Group.
Euromoney April 2007
Euromoney April 2007
Revenues at Instinet’s Asian business grew by an impressive 50% last year, double the growth in regional trading volumes. The electronic broker has ambitious plans to expand throughout the region this year, opening an office in Singapore, becoming the first remote member of the Australian Stock Exchange, and establishing a partnership in India to offer electronic direct market access. However, it is in its new adopted home of Japan that the broker is making its boldest moves.
Euromoney April 2007
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Euromoney April 2007
Euromoney April 2007
Capitalizing on the surge of private equity funds to list on stock markets, in March Standard & Poor’s launched its S&P Listed Private Equity Index.
Euromoney April 2007
Cross-border activity to increase, say participants.
Euromoney April 2007
Press reports that hedge funds will be the hardest hit by the sub-prime mortgages free fall in the US have been proved wrong by Paulson and Co. According to sources, the $7 billion merger arbitrage and event-driven hedge fund has produced 100% net returns year to date, and 60% in February alone on the back of sub-prime bets.
Euromoney April 2007
Appointment shows growing importance of Asia for business and for career growth.
Euromoney April 2007
JPMorgan has overtaken Goldman Sachs as the largest manager of hedge fund assets globally.
Euromoney April 2007
Havens Advisors’ hedge funds focus on merger arbitrage, high-yield bonds and distressed debt. Helen Avery speaks to founder Nancy Havens about the opportunities in high-yield.
Euromoney April 2007
Goldman Sachs has been fined what some might call a rather lenient amount, $2 million, for selling short an IPO pre-sale.
Euromoney April 2007
Euromoney April 2007
Euromoney April 2007
Will AgriBank be an IPO too far?
Euromoney April 2007
Asian investors still love property, despite the tight spreads.
Euromoney April 2007
Bank Negara Malaysia, the central bank, announced in March a further relaxation of foreign exchange regulations designed to normalize trading in the Malaysian ringgit.
Euromoney April 2007
Appointment shows growing importance of Asia for business and for career growth.
Euromoney April 2007
In March, Morgan Stanley became the latest bulge-bracket firm to enter the increasingly crowded Vietnam securities market.
Euromoney April 2007
Focus should be on monetary and wage policy, says Redrado.
Euromoney April 2007
Goldman Sachs is pursuing innovative structures, including LBOs and other transactions not previously executed in Brazil as it seeks to become one of the top three banks in the country.
Euromoney April 2007
"Actually, I just pitched one of those today," says a debt capital markets banker when asked whether he detected developing interest among emerging market clients in toggle notes.
Euromoney April 2007
Latin American markets have proved to be a fine investment in recent years, although not, it seems, for Mexican private pension fund managers. Pension funds, afores as they are locally known, are coming under increasing scrutiny for failing to provide the kind of stellar returns posted in Chile and Peru, despite new freedoms to diversify investments.
Euromoney April 2007
House painter Miguel Hernández has dreamed for years of buying a house and a car for his wife and three children. However, as one of the millions of Mexicans without a bank account, he has always been denied credit. But his luck could change in June when US-owned superstore Wal-Mart de Mexico opens banking services, joining a growing roster of local retailers moving into banking for low-income earners. "I’ve shopped at Wal-Mart for years, they know me and I hope they’ll let me open an account. It would change everything," says Hernández.
Euromoney April 2007
Investors worry about lack of outside experience, lack of star quality and the temporary prefix.
Euromoney April 2007
Relics of a troubled past are soon going to be put behind Mexican glass company Vitro, which has just completed a total debt refinancing. Chloe Hayward speaks to CFO Alvaro Rodríguez about his company’s rocky past and shiny future.
Euromoney April 2007
"Chávez is the ideological leader of the guerrillas in Colombia"
Euromoney April 2007
One man not joining the cult of Chávez is Latin America’s richest man, Carlos Slim.
Euromoney April 2007
Abu Dhabi investment vehicle builds global partnerships.
Euromoney April 2007
As the deal between US-based Lyondell Chemical and Saudi Arabia’s National Titanium Dioxide (Cristal) closes so Saudi Arabian merger and acquisition activity looks set to increase further, and to cover more types of business, in 2007.
Euromoney April 2007
Ukraine is the latest emerging market in which asset-backed securities are being issued, with both international and domestic transactions appearing in recent weeks.
Euromoney April 2007
With growth surging ahead and inflation high, some analysts have voiced their concerns that the Egyptian economy is getting ahead of itself.
Euromoney April 2007
Euromoney April 2007
Euromoney April 2007
Armeconombank is looking to chart new territory for Armenian banks with an international equity offering.
Euromoney April 2007
Aston Martin announced the start of a new chapter in its financing history as the sports car manufacturer agreed its leveraged buyout to a consortium of investors led by sports car veteran David Richards.
Euromoney April 2007
UK and continental European investors snapped up shares in Chagala Group, the leading property developer in oil-rich western Kazakhstan, enabling it to raise $120 million through an IPO on the main market in London last month.
Euromoney April 2007
Deutsche Bank, in conjunction with VTB Bank Austria and VTB Bank, has launched the first rated CDO of CIS corporates.
Euromoney April 2007
BTA Ipoteka became the first Kazakh bank to issue a securitization of residential mortgage loans in the international public markets.
Euromoney April 2007
Dubai’s Emaar Properties has announced that it has struck a shares-for-land agreement with Dubai Holding, a state-owned conglomerate.
Euromoney April 2007
The sub-prime mortgage crisis in the US will feed through to mortgage markets elsewhere as share prices plummet and borrowing costs soar.
Euromoney April 2007
ABN merger may give global scale, but at what cost to the businesses that have driven the UK bank forward?
Euromoney April 2007
Success in investment banking has always depended on relationships and connections, as well as expertise.
Euromoney April 2007
Recent setbacks will not hold back the world’s second-largest economy’s growing globalization.
Euromoney April 2007
Bankers’ growing interest in environment-friendly financial opportunities can only be a good thing – whatever their motivation.
Euromoney April 2007
Big hires, new local offices and investment in a specialist hedge fund show the US firm is getting serious about the emerging markets.
Euromoney April 2007
Too many banks are chasing too few fees.
Euromoney April 2007
In recent years success in the financial services industry has been predicated on two main strategies: first, taking on significant if not massive proprietary risk, a strategy as old as the hills; second, underwriting risk positions and using the capital markets to exit. This is an even more well-established feature of the most successful investment banking operations.
Euromoney April 2007
The bizarre decision by Moody’s to grant Aaa status to a rag-tag assortment of obscure Nordic credits has put the raters in the spotlight. The relationship between the rating agencies and the big investment banks should also come under scrutiny.
Euromoney April 2007
The recent sell-off in global stock markets will not be a repeat of last May – a short correction leading to new highs. There is now more to worry about in the global economy and the liquidity cycle is at a turning point.
Euromoney April 2007
The excitement of the inaugural Euromoney US covered bond conference clearly got to some delegates in New York last month. Not least Dr Louis Hagan, executive director of the VdP – otherwise known as the Association of German Pfandbrief Banks.
Euromoney April 2007
Hats off to the financial institutions team at a US investment bank who made a highly amusing Bollywood movie using an online service.
Euromoney April 2007
Anyone who is anyone in the FX market wants to put up a good showing in the annual Euromoney survey – it is widely accepted as the most accurate gauge of how a bank’s business is doing. In some cases, it is rumoured that success in the poll is even more important than growth in revenues.
Euromoney April 2007
The Euromoney investment banking champions league game table is taking shape, and after a bloody back and forth at the top, Citi has put daylight between itself and its nearest competitor, BNP Paribas.
Euromoney April 2007
The good times might be back in Asia’s markets for foreign investment banks. Alas, though, the feel-good factor does not appear to have reached French bank BNP Paribas.
Euromoney April 2007
Euromoney April 2007
Euromoney April 2007
The financial supply chain is an important concept for CFOs and treasurers to understand. However, it is one that they might be unfamiliar with, and certainly it is unlikely to be at the top of their agenda.