May 2007
| Euromoney May 2007 In 20 years, RZB has gone from being an Austrian also-ran to a central and eastern European market leader. Much of its success is attributable to the vision of Raiffeisen International’s CEO, Herbert Stepic. No wonder he is known to the Austrian masses as ‘Der Cash-Man’. Guy Norton looks at RZB’s ambitious plans for further expansion in the region, and Sudip Roy finds out what keeps the fire burning in Stepic’s belly. |
Euromoney May 2007
Which US investment bank is back in the top 10? Which Danish bank breaks into the top 25 for the first time? What’s the best multi-bank
platform – FXall or Currenex? And who are the leading local banks in emerging market FX? Here are the views of over 8,000 end-users who transacted over $120 trillion in the past 12 months.
Euromoney May 2007
Financial markets are always dynamic places and constantly evolving as they embrace change. Today’s foreign exchange market is no exception and it is arguably developing at a faster pace than at any other time in its history. So how will it look in five years’ time? Lee Oliver asks leading FX participants to peer into the crystal ball.
Euromoney May 2007
Is a high level of consolidation in the FX market sustainable? And what of the hundreds of banks that fall outside the bulge bracket?
Euromoney May 2007
Banks that have downgraded client-directed credit research might well be short-sighted. Euromoney’s latest credit research poll indicates that some of the top-ranking banks have recognized this, taking a ‘third way’ that allies trading desk focused research with a sustained published research capability.
Euromoney May 2007
Low volatility in the FX market should not necessarily mean low returns.
Euromoney May 2007
The range of structured credit products on offer to investors has grown as they seek to increase returns in a low-yield environment. The next stage, led by CPDOs, is to create more spread-based, rated products that incorporate default and market risk.
Euromoney May 2007
The booming Saudi economy is drawing the big international banks into the Kingdom, hoping to make a fortune from selling their expertise in banking and investment products to its wealthy individuals. If the newcomers expect to trample over the local incumbents, they had better be careful not to trip over Samba. It even provides a lesson in how Saudi bankers can thrive once freed from the dead hand of a big international parent. Peter Lee reports.
Euromoney May 2007
Czech power provider CEZ has been voted central and Eastern Europe’s best-managed company for the second year running. Rising energy prices are helping the firm to record strong profits, but why are analysts so impressed by the firm’s management? Lawrence White reports.
Euromoney May 2007
Eighteen months after buying HVB, Italy’s UniCredit is close to finalizing its disparate emerging European businesses’ integration under the parent’s banner. But what is the next step for the bank and its head of the region, Erich Hampel?
Euromoney May 2007
George Nianias talks to Guy Norton about the challenges of unearthing corporate debt opportunities in the far-flung reaches of Russia.
Euromoney May 2007
Ulf Persson, managing partner of Mint Capital, talks to Guy Norton about the challenges of the Russian private equity market.
Euromoney May 2007
Fast-growing Russian Agricultural Bank plays a key role in promoting economic development in the Russian countryside. Guy Norton talks to Yuri Trushin, the bank’s chairman, about the challenges it faces.
Euromoney May 2007
After years of stellar performance can Russia’s hedge fund managers continue to produce such strong returns for their investors? Guy Norton reports from Moscow.
Euromoney May 2007
Buying an oil-producing company in Kazakhstan is by no means a straightforward process, as Citic’s acquisition of Nations Energy makes clear. Nor is the Chinese company’s future in the country at all clearly signposted. Elliot Wilson reports.
Euromoney May 2007
The Russian investment story is moving outside Moscow and St Petersburg. A wave of foreign investors, led by the EBRD, is heading out into the Russian regions, looking for the next frontier of investment bargains.
Euromoney May 2007
A flurry of bond deals should not disguise the fact that aggressive loans and PIKs have squeezed both high yield and mezzanine finance.
Euromoney May 2007
The Irish bank is bringing unconventional assets into the burgeoning covered bond market.
Euromoney May 2007
"It was one of those deals that really worked. It caught the market, it caught the moment and it caught the imagination" -Tim Skeet, Merrill Lynch
Euromoney May 2007
Rapid growth of Caja Madrid’s mortgage book last year prompted the Spanish savings bank to issue its first RMBS transaction. But as executive managing director and head of capital markets Carlos Stilianopoulos explains, the bank has its sights firmly set on the CLO market in 2007. Louise Bowman reports.
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Dominion Bond Rating Service is now an eligible External Credit Assessment Institution with 11 EU countries. It is part of a long drive by the Canadian-headquartered rating agency to break into the industry oligopoly.
Euromoney May 2007
Latest securitization refinancing of GHG healthcare group is a puzzlingly complex hybrid deal that will be largely retained by arranger Barcap.
Euromoney May 2007
A series of CMBS deals have triggered or are threatening to trigger their available funds caps.
Euromoney May 2007
With Hoteloc still ringing in the market’s ears, Deutsche Bank’s conduit trips up on its pub valuations.
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Unsolicited approach looks as if it could get nasty.
Euromoney May 2007
Doubts have surfaced about the feasibility of monetary union after a tense meeting of central bankers.
Euromoney May 2007
Ukrainian politicians and bankers are considering allowing the dollar-pegged hryvna to become a managed floating currency. A first reading of a draft law in the country’s parliament, the Rada, has led to expectations that such a change could be made within 12 months.
Euromoney May 2007
Icap has widened the distribution of its electronic forward foreign exchange platform after what it says is its successful take-up in Europe. The company says the platform will build on the success of EBS, the spot platform it bought from its mainly bank owners in 2006.
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
FXMarketSpace, the 50/50 joint venture owned by the Chicago Mercantile Exchange and Reuters, officially went live as planned at the end of the first quarter.
Euromoney May 2007
Small and mid-sized companies have outperformed larger ones for the past six years and their winning streak has so far continued into this year. While the S&P 500 has risen 2.2% year to date, the S&P 400 mid-cap index has shot up 7.7% and the small-cap S&P 600 by 4.7%.
Euromoney May 2007
But Tate & Lyle puts itself on the Pink Sheets.
Euromoney May 2007
Euromoney May 2007
15,720,000,000,000
15,640,000,000,000
202
64
Euromoney May 2007
Macro fund on losing streak; incentive fees down 88% in February quarter.
Euromoney May 2007
Performance and regulatory changes make raising capital tough.
Euromoney May 2007
Head of prime brokerage Hannah Goodwin talks about expansion of the bank’s services to Singapore.
Euromoney May 2007
Boards spend more time discussing alternative investments.
Euromoney May 2007
Opportunities to invest in deep-value companies in Asia are plentiful but local knowledge is required to assess risk versus reward properly, Harmony Capital’s Suresh Withana tells Helen Avery.
Euromoney May 2007
As of June 1, Rupert Allan, president of Tremont Capital, will be taking on the role of CEO.
Euromoney May 2007
The maturation of Asia’s hedge fund industry is evidenced by the number of new funds being set up by hedge fund employees in the region.
Euromoney May 2007
Private equity specialist Carlyle is moving into the hedge fund business on the back of "client demand and product diversification", according to a source familiar with the firm.
Euromoney May 2007
Bank hires entire team of Ritchie Capital Management in Hong Kong.
Euromoney May 2007
Chinese regulators now want the largest state-owned firms to list at home, leaving smaller private companies to trade in Hong Kong. But these might be the best Chinese companies and losing them may be a big mistake.
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Joint venture with local player and a multi-strategy approach.
Euromoney May 2007
The Argentine government has advised Ecuador not to follow its example and default on its debt.
Euromoney May 2007
Euromoney May 2007
FIAB and IADB aim to launch market for shares this year.
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Oman’s landmark Blue City project has been dragged into a legal dispute after one of the project’s financial advisers was sued last month.
Euromoney May 2007
You need look no further than Baring Vostok Capital Partners to see how far alternative asset management has developed in Russia.
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Is Poland the new Russia? Not in economic superpower terms, but in riding roughshod over the wishes of foreign investors?
Euromoney May 2007
Çalik Holding is one of the Turkey’s largest conglomerates, with total assets of $2.4 billion. It has interests in textiles, construction, energy, telecommunications, financial services and trade. Chloe Hayward talks to Çalik’s management about the company’s debut bond issue and the impressive growth path that lies ahead.
Euromoney May 2007
Euromoney May 2007
Euromoney May 2007
Whatever the conclusion of the bid war for ABN Amro, it will put the Dutch bank’s prize Brazilian asset, Banco Real, into the ring.
Euromoney May 2007
Is a high level of consolidation in the FX market sustainable? And what of the hundreds of banks that fall outside the bulge bracket?
Euromoney May 2007
Slackening underwriting standards in loans that back a burgeoning CDO market? It all sounds horribly familiar.
Euromoney May 2007
The ultimate local market, real estate is also open to being globalized as an asset class. Great strides have been made in doing this and there’s more to come.
Euromoney May 2007
More efficiency in clearing will help increase the importance of Europe’s equity markets.
Euromoney May 2007
Can you afford to invest in Cuba’s London Club NPLs and maybe wait 20 years for a restructuring? Perhaps not, but there are other potential winning bets on the wilder shores of the emerging markets.
Euromoney May 2007
Chinese regulators now want the largest state-owned firms to list at home, leaving smaller private companies to trade in Hong Kong. But these might be the best Chinese companies and losing them may be a big mistake.
Euromoney May 2007
One man, one vision might be a line from a naff Queen song but it neatly encapsulates the role Herbert Stepic has played in building Raiffeisen International into one of the strongest banking franchises in Europe.
Euromoney May 2007
The present run of stock market buoyancy cannot be sustained. And that’s not just because credit is set to contract – so, too, are corporate profits.
Euromoney May 2007
Buying into the IPO of a private equity company is like a game of pass the parcel in which someone has already made off with the prize. Those that choose to play will end up disappointed.
Euromoney May 2007
Euromoney May 2007
"Help me.... I’m cold... I don’t know where I am... there are bugs crawling all over me..."
Euromoney May 2007
Eurex is clearly very proud of its new exchange-listed credit index futures. To celebrate the launch, the international derivatives exchange threw a party at the London Aquarium in Westminster, giving it the full James Bond treatment.
Euromoney May 2007
Forget Sarkozy versus Royal, forget Brown versus Miliband, forget even Barclays versus RBS/Santander/Fortis. There is only one current standoff that matters: Cannes versus Paris.
Euromoney May 2007
Three cheers to Raiffeisen International.
Euromoney May 2007
If marrying a multi-millionaire hedge fund manager is appealing in any way, women should check out the competition they face in New York Magazine’s listing of the top six hedge fund managers’ wives in April.
Euromoney May 2007
Euromoney May 2007