June 2007
| Euromoney June 2007 The recent disruption in the US sub-prime mortgage market served as a warning to the CDO market of what happens when deals are backed by increasingly risky underlying assets. So why aren’t CLO managers – who are now buying single-B rated, covenant-lite loans in their droves – paying more attention? Louise Bowman reports. |
Euromoney June 2007
Amid the fallout from the US sub-prime sector collapse, investors are once again questioning the role of the ratings agencies. It’s not just that the agencies assessed the risks so badly; their harshest critics suggest the main cause for concern is that the raters are too cosy with the issuers on which they pass judgment. Alex Chambers reports.
Euromoney June 2007
Asia’s high-yield market has taken off, driven by unprecedented demand from investors. Public deal structures are becoming increasingly aggressive and private deals are beginning to leak into the public markets, giving cause for concern. Chris Leahy reports.
Euromoney June 2007
Quantitative hedge funds are increasing in number. Larger ones with the money to invest in research, technology and staff are becoming ever bigger while smaller quant funds struggle to keep up. Are quantitative strategies the sure-fire way to uncover and pin down alpha, as many investors are beginning to believe, or is human intervention in their implementation still all-too important? Helen Avery reports.
Euromoney June 2007
Euromoney’s borrower awards capture the most important names and trends seen across the globe during the past 12 months.
Euromoney June 2007
Banks are often inclined to monitor new issue league tables for evidence of their performance in fixed income. In Euromoney’s debt poll, though, those banks’ clients get to tell their side of the story. Quality and quantity, their views suggest, by no means always equate.
Euromoney June 2007
The jumbo covered bond market had another banner year in 2006. A record €170 billion of issuance was accompanied by significant globalization of the market. But the growing range of structures, from an ever-expanding group of countries, is a double-edged sword, adding complexity as well as diversification.
Euromoney June 2007
Manuel Villas-Boas tells Laurence Neville how Espírito Santo Financial Group has coped with rapidly changing fortunes and what the family-owned group plans for the future.
Euromoney June 2007
Despite a long-running battle between the government and the army over Turkey’s religious and political future, foreign investors continue to flood the country with capital. That means plenty of business for foreign and domestic investment banks, and for a new wave of small but ambitious boutiques. Lawrence White reports.
Euromoney June 2007
There is a lot of talk in Kiev about companies undertaking IPOs. Every banker and company manager has contemplated the possibilities and many have attended conferences on the subject. Does Kiev need to brace itself for an onslaught of new IPOs as the market opens up or will the local legal infrastructure and stringent international standards stop all the talk in its tracks? Chloe Hayward reports from Kiev.
Euromoney June 2007
Commodity markets used to be dominated by producers and users hedging their production and consumption. Now the mass arrival of investors has profoundly transformed these relatively small and illiquid markets. Peter Koh reports.
Euromoney June 2007
In the second part of our debate on FX, we examine the buy side as it develops its interest in new instruments such as exotic options, and examine key areas of innovation such as prime brokerage and e-commerce.
Euromoney June 2007
Asset managers are part of an unusual issuer mix.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Interest-rate-related MTN supply has fallen.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
ABS CDOs are back buying sub-prime ABS but all remains far from well in the asset class.
Euromoney June 2007
LCDX success gives the green light for the growth of loan derivative products.
Euromoney June 2007
The Unifund conduit mirrors the Artesian structure that the UK bank created for water companies back in 2002.
Euromoney June 2007
Center Parcs points to the impact that growing private equity ownership is likely to have on CMBS structures.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Merrill Lynch and JPMorgan launch collateralized FX obligations.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
lnvestors question value of ISE deal.
Euromoney June 2007
Dividend swaps market soars as investors profit.
Euromoney June 2007
Broker dealers collaborate to sponsor Project Alpha.
Euromoney June 2007
The sell side’s failure to engage its clients in plans for Project Turquoise could jeopardize its success.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Institutional investors might reduce private equity investments because of the growing number of club deals.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Challenges of running prop and client money prove too much for Dillon Read Capital Management.
Euromoney June 2007
Companies working on improving inadequate water supplies in Asia’s growing economies are the prime focus of Wessex’s water investment fund. Co-founder Tim Weir tells Helen Avery how the company analyses their likely profitability.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Neil Wilson, editorial director at HedgeFund Intelligence explains why the Big Apple still holds some aces.
Euromoney June 2007
Hedge funds have massively outperformed global equities over the past decade, as shown by HFI’s regional indices for the US, Europe and Asia. They have had a bright start in 2007 too.
Euromoney June 2007
Unknown risks – the black swans – could upset the Asian party.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Investors are concerned that while low yields on Latin American sovereign debt and increasing opportunities in the corporate sector are driving more and more investors towards corporate fixed income, Wall Street credit research can’t keep up.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
TAM, Brazil’s leading low-cost airline, is seeking to maintain and improve its position with funding such as its recent 10-year bond. CFO Libano Mirando Barroso talks to Chloe Hayward about the bond and the airline’s business strategy.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
As the boundaries of corporate securitization are increasingly stretched, the foundations upon which the concept is built are rapidly being eroded.
Euromoney June 2007
Imminent competition between execution ventures is likely to mean more trading and therefore more money for everyone.
Euromoney June 2007
Russia is equally capable of fatally deterring and irresistibly attracting investors, as two recent big bank IPOs showed.
Euromoney June 2007
Taking the proprietary traders out of a securities business en masse is a bizarre thing to do. It’s a good example of how not to build a hedge fund business.
Euromoney June 2007
The real action in debt capital markets has moved off the public stage.
Euromoney June 2007
Housing provision for a burgeoning youthful population puts the development of a mortgage market centre stage in the GCC countries.
Euromoney June 2007
After years on the second tier of economic performance, Germany is ready for a return to the big time.
Euromoney June 2007
Euromoney June 2007
Market mechanisms, not inflexible penal taxation, are the way to deal with global warming. And market approaches also open profitable channels for investors.
Euromoney June 2007
The smart money is already betting that the credit cycle is turning.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney journalists are used to conversing on all manner of subjects related to financial matters but last month your reporter found himself engaged in a most surreal topic: lactation rooms at banks.
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
Euromoney June 2007
The borrower's perspective; LBO financing: a changing landscape; Prudent expansion is the key; LTM European Holco PIK's – the next stage of the bull market