October 2007
| Euromoney October 2007 Cash management is a hugely attractive business for the banks that have ended up at the top of the consolidation pile, with earnings stability and high returns on equity. And despite reductions in activity because of such developments as the Single Euro Payments Area, new business is emerging in white-labelled products and financial supply chain management. Laurence Neville reports. |
Euromoney October 2007
The credit crunch has made life especially difficult for the credit portfolio managers charged with hedging commercial banks’ massive corporate loan portfolios. Lack of liquidity in credit default swaps and the closure of the CLO market has greatly reduced their arsenal of hedging tools. It’s not all bad news though. Wild market conditions have underscored the importance of actively hedging loan books and served to justify portfolio management groups’ existence to banks’ top management.
Euromoney October 2007
Thomas Fischer’s grand plans for WestLB were doomed to fail. Now potential buyers are trying to work out how they can make money out of what’s left. But could Fischer’s bold but ultimately futile attempts indirectly herald the shake-up that the German banking system so desperately needs? Philip Moore reports.
Euromoney October 2007
Banks are rushing to offer investors access to exposures designed to replicate the performance of hedge funds but without the high fees and other drawbacks. But their replication methods are increasingly being called into question. John Ferry reports.
Euromoney October 2007
The first European bank to be cleared to use one of the new Basle Accord’s advanced approaches – and reap the rewards – is not headquartered in London, Paris, or Frankfurt. It doesn’t inhabit a gleaming tower in Milan or a grand old office block in Madrid. Strictly speaking, it’s not even a bank. Duncan Wood reports.
Euromoney October 2007
As volatility spreads across the debt markets, the CMBS market is taking stock. Property derivatives are likely to increase volatility in the market and contribute to spread widening just as refinancing activity – a significant driver of CMBS volumes – slows. But as competition between commercial lenders and conduit lenders expands across Europe, the market is looking to new jurisdictions to maintain growth.
Euromoney October 2007
After what could be described as a difficult conception and then arduous labour, foreign exchange settlement system CLS has gone on to thrive in the first five years of its life. Lee Oliver reports.
Euromoney October 2007
The recent rise of shareholder activism, particularly from the hedge fund sector, has not been universally welcome. But should politicians and regulators step in, or should the market police itself?
Euromoney October 2007
As the loan market revives, both buyers and sellers are struggling to establish the upper hand.
Euromoney October 2007
In the light of the troubled times the covered bond market has found itself in, the European Covered Bond Council has proposed to establish an emergency committee.
Euromoney October 2007
Corporate market emerges from intensive care.
Euromoney October 2007
Euromoney October 2007
Euromoney October 2007
Negative headlines continue but innovation is reviving CPDOs.
Euromoney October 2007
CMBS conduit lenders in Europe might be forced to return to the market to shed inventory.
Euromoney October 2007
Firms rushing to set up credit opportunity funds might already be too late.
Euromoney October 2007
Northern Rock’s Granite master trust did launch a deal in September – but Granite Master Issuer 2007-3 was a far cry from what the market had been expecting just a matter of months ago.
Euromoney October 2007
Euromoney October 2007
Takeover of partner Synthesis Bank is central to planned expansion into wealth management.
Euromoney October 2007
Oanda is an anomaly among the many trading platforms that offer retail FX.
Euromoney October 2007
Euromoney October 2007
Authoritative Triennial Central Bank Survey confirms FX volumes have grown at an astonishing rate.
Euromoney October 2007
Euromoney October 2007
The world’s stock and futures exchanges have benefited handsomely from equity market uncertainty.
Euromoney October 2007
The summer volatility in financial markets has caused numerous corporates to delay debt and equity capital raising.
Euromoney October 2007
Euromoney October 2007
Euromoney October 2007
Euromoney October 2007
Hedge funds are supposed to perform well when mainstream markets are falling: that’s when their capacity to go short and their managers’ selection skills have the best chance to outperform long-only managers that do no better than replicate the index. That’s when they earn their two and 20. At least, so the theory has it.
Euromoney October 2007
Intervention did the trick, to an extent.
Euromoney October 2007
Buried deep in the announcement of Morgan Stanley’s third-quarter earnings results was a substantial hit from the bank’s newly built hedge funds business.
Euromoney October 2007
Goldman Sachs knows how to spot an opportunity.
Euromoney October 2007
Euromoney October 2007
The industry collectively did not cover itself in glory during the August/September correction. But there is now a rich environment for a wide range of strategies, says Nick Evans, editor of EuroHedge.
Euromoney October 2007
Euromoney October 2007
When China’s leading state-run banks lined up to announce their sub-prime exposure in late August, it was surprising and disconcerting.
Euromoney October 2007
A year ago, fund managers and analysts were confidently predicting as many as seven landmark IPOs on Vietnam’s stock exchanges in 2007, raising as much as $1 billion each.
Euromoney October 2007
Bankers fear new requirements could prove costly.
Euromoney October 2007
The allure of private equity to senior banking figures is well documented: why run a business for a bank when you can run a fund for yourself?
Euromoney October 2007
Euromoney October 2007
The asset-backed securities market in Latin America might be hampered by inadequate regulation, said the Bank for International Settlements in a report released last month.
Euromoney October 2007
Euromoney October 2007
Euromoney October 2007
Euromoney October 2007
Euromoney October 2007
JPMorgan is making a big push in the Middle East, and particularly in Islamic finance, after announcing last month that it had hired some of the biggest names in investment banking in the region.
Euromoney October 2007
Flotation gives big boost to Zagreb market.
Euromoney October 2007
The fallout from sub-prime worries in the US has cast a pall over the equity issuance plans of Russian companies in the wake of the volatility that rocked global stock markets over the summer.
Euromoney October 2007
Growth highest in Russia and the CIS.
Euromoney October 2007
Bank to expand retail business.
Euromoney October 2007
Lebanon’s economy is crumbling. Its public debt is breaking new world records. It has been teetering on the brink of civil war for the past 10 months. But none of this has stopped Dubai-based Shuaa Capital, one of the Middle East’s leading investment banks, opening a branch this September in Beirut. Why?
Euromoney October 2007
The developments will heat up the battle between Qatar and Dubai to become the Middle East’s financial centre.
Euromoney October 2007
Euromoney October 2007
Euromoney October 2007
Goldman Sachs shows that marking to market goes hand in hand with good risk management and smart position taking.
Euromoney October 2007
Write-downs in the leveraged loan market can raise more questions than they answer.
Euromoney October 2007
Opportunities are growing for distressed debt and equity investors in the region despite record levels of private equity fundraising.
Euromoney October 2007
Could problems in the UK inter-bank market have been avoided?
Euromoney October 2007
Investors may have learnt the lesson that bonds aren’t supposed to provide equity-like returns.
Euromoney October 2007
Pfandbrief issuers were notable by their absence as the covered bond market descended into chaos.
Euromoney October 2007
Nothing signals the end of easy money better than the troubles that have afflicted Northern Rock. The City’s former poster child is about to be taken over, either by a rival or for dismemberment by hedge funds, its reputation in tatters.
Euromoney October 2007
I do expect some tales of woe. I am nervous about UBS and Deutsche and concerned about Merrill.
Euromoney October 2007
A prolonged liquidity contraction is irrevocable, whatever happens in the spuriously autonomous real economy.
Euromoney October 2007
The only UK stock that tried to keep pace with the plummeting Northern Rock in September was Absolute Capital Management. This serves as a warning to all hedge fund investors of the importance of proper due diligence.
Euromoney October 2007
It’s not often that you can walk onto a trading floor and are greeted by England cricket legend Mike Atherton, twinkle toes Mark Ramprakash, champion jockey Frankie Dettori and Olympics silver medallist boxer Amir Khan.
Euromoney October 2007
It seems as if the sub-prime market implosion might have roots deep in the proverbial mists of time.
Euromoney October 2007
Euromoney October 2007
"If you speak only one language, you are an American."
Euromoney October 2007
A long-standing contact gets in touch with a Euromoney journalist via letter.
Euromoney October 2007
Euromoney October 2007