February 2008
| Euromoney February 2008 The global banking industry faces its biggest challenge in decades. Hundreds of billions of dollars have been written down and wiped off its market value in the space of just six months. But shareholders looking to independent directors to shore up their interests and make sure the same mistakes do not happen again are likely to be disappointed. The make-up of many banks’ boards of directors means they simply aren’t qualified for the task. - Bank CEO ranking
Which CEOs have created (or destroyed) the most shareholder value? Euromoney's latest ranking shows that, despite the reverses of 2007, most remain in credit with investors.
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Euromoney February 2008
Analysts suggest where bank investors should look to invest next, and why.
Euromoney February 2008
Euromoney February 2008
Daniel Bouton of Société Générale, Baudouin Prot of BNP Paribas, Walter Rothensteiner of Raiffeisen Zentralbank and Alfredo Sáenz of Santander speak about the challenges in the new financial world order.
Euromoney February 2008
Islamic finance has grown dramatically in recent years as more countries, banks and investors see its potential. But the growth of the asset class will remain limited until industry standardization on Shariah compliance is reached. When is this likely to happen?
Euromoney February 2008
The growth in size, expertise and therefore competition in the Shariah-compliant market in 2008 made Euromoney’s choices for our Islamic finance awards the hardest to date. The best firms not only got bigger, they brought new levels of innovation to bear in a series of landmark deals.
Euromoney February 2008
Last month the panel examined volatility and the reported demise of the dollar. This month, they discuss the merits of prime brokerage, the weakness of algos and how to generate alpha.
Euromoney February 2008
During the course of 2007 launching deals went from being the easiest in history to perhaps as tough as it has ever been. But the finance industry continued to show it could produce the goods whatever the market’s conditions. These are the deals where issuers and advisers got their timing and structure just right.
Euromoney February 2008
For the first time since 2002 debt is a buyer’s market, and investors are getting what they have long wanted: wider spreads. But at what cost?
Euromoney February 2008
We asked leading debt market officials what products they thought would be hot in 2008.
Euromoney February 2008
As the probability of a US recession rises, the best- and worst-performing credits of 2007 reveal the state of play in global economies. Jethro Wookey reports.
Euromoney February 2008
Our annual poll shows which banks are best positioned to benefit from any upturn in the credit market's fortunes.
Euromoney February 2008
Unprecedented co-operation between European banks has, at last, created a single euro payments area. It will transform the cash management business and possibly the whole banking industry. Laurence Neville reports.
Euromoney February 2008
The leaders are busy expanding in the Balkans and beyond in emerging Europe. But will buying more and more on their doorstep prove better than an organic growth strategy in the long term? Chloe Hayward reports from Athens.
Euromoney February 2008
But lack of legislation might deter traditional investors.
Euromoney February 2008
Put off by past experience, but the consensus is that its time has come.
Euromoney February 2008
Proposals for establishing an EU-wide definition for bank capital have caused a stir in the arcane world of hybrid regulation.
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Ambac’s inability to issue surplus capital notes could mean that the writing is on the wall for this entire sector.
Euromoney February 2008
Lehman’s new loan modification programme reveals its pessimistic view of the UK housing market.
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Icap is determined to boost the position of its spot trading platform, but mutually owned venues are at a disadvantage.
Euromoney February 2008
CFTC and NFA are being inconsistent with the rules for futures and forex traders.
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Regulator considers allowing foreign exchanges to operate in the US without registering and rules to make it easier for foreign issuers.
Euromoney February 2008
FSA gets mixed response to proposals on disclosure while LSE plans to trade the instruments on its orderbook.
Euromoney February 2008
A strong pipeline of deals keeps ECM bankers optimistic for 2008.
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
The average cost of using a prime broker is slowly increasing, say those in the industry, but do hedge funds really care?
Euromoney February 2008
Hedge fund M&A activity on the rise.
Euromoney February 2008
Net inflows into hedge funds in 2007 were higher than 2006 levels in spite of turbulent markets.
Euromoney February 2008
Euromoney February 2008
The credit crunch has opened up opportunities for hedge fund managers with lending capabilities. Helen Avery talks to Arch’s Stephen Decani about his firm’s asset-based lending activities.
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Hedge funds are on the verge of large-scale direct recruitment of talented graduates, a recent student-organized LSE alternative investments conference suggests. Neil Wilson reports.
Euromoney February 2008
Euromoney February 2008
Managers are still learning the ropes.
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
2007 was a mixed year for Japan, with the stock market suffering from foreign investors uncertainty following the subprime crisis and the long-hoped for recovery of the economy still not fully underway.
Euromoney February 2008
Euromoney February 2008
Redecard, a merchant servicing business in Brazil that Citi holds a majority stake in, plans to undertake a follow-on secondary offering. The announcement came within hours of Citi announcing write-downs of $18.1 billion in the fourth quarter of 2007.
Euromoney February 2008
New York no longer holds the key to success in Latin America for some European banks.
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
The Brazilian financials sector is set to suffer a hit on its profits in 2008 after the government increased banking profit taxes.
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
The Republic of Turkey, emerging Europe’s most prolific issuer in the international debt markets, made a strong start to 2008 with the reopening of its 2018 6.75% dollar Eurobond for $1 billion.
Euromoney February 2008
The strategic investment case for emerging European equities remains solid despite the deterioration of global markets caused by liquidity constraints in the banking system, says Martin Majdaniuk, manager of Baring Emerging Europe, which has $850 million under management and has returned 195.6% over the past three years.
Euromoney February 2008
Euromoney February 2008
Perhaps it’s a feeling of guilt, or an urge to give something back. After all, according to new figures from the IMF, nature has gifted Qatar with oil and gas that have helped it achieve a GDP per capita approaching $70,000.
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Euromoney February 2008
Anyone hoping for clarity around banks’ write-downs is sure to be disappointed, but the industry must make a marked improvement.
Euromoney February 2008
Such is the fragile state of leading banks that they might have to sell their highly prized emerging markets businesses to survive.
Euromoney February 2008
A long-term government guarantee of Northern Rock’s wholesale funding might prompt other mortgage lenders to demand similar treatment even if they are not in financial difficulty.
Euromoney February 2008
UBS’s chairman is struggling to hold on but shareholders must resist temptation to remove him at the moment.
Euromoney February 2008
With traditional debt markets still in disarray, it’s theoretically a good time for sukuks to foster issuance outside the Middle East and Asia.
Euromoney February 2008
Korea Investment Corp has broken new ground for the country by investing $2 billion in Merrill Lynch.
Euromoney February 2008
The continuation and expansion of the term auction facilities is evidence that they actually work. But as with any medication, there are side-effects.
Euromoney February 2008
The prevention of re-runs of the Northern Rock catastrophe depends on something better than the duplication of an existing regulatory committee.
Euromoney February 2008
The credit crunch has been a tornado that has shown no regard for the reputations of formerly revered individuals.
Euromoney February 2008
The bad news: in 2008 a global recession is bound to set in. The scant good news: the oil price will fall back and the development of environment-friendly technology will fuel investment.
Euromoney February 2008
Financial markets must adjust to an environment where credit is no longer cheap and abundant.
Euromoney February 2008
Financial markets depend on confidence and trust. Trust is being broken.
Euromoney February 2008
In honour of the screen that bankers spend more time watching than any other, Euromoney has created the Blackberries. Here are this year's nominations.
Euromoney February 2008
One way of forcing a bank to review its lending practices is to wipe billions of dollars off its balance sheets via widespread write-downs of securities backed by loans made to customers with poor credit histories who have absolutely no chance of paying them back. Another way of doing it is to steal £10,000 from its chairman.
Euromoney February 2008
"Subprime" (or sub-prime if you write for Euromoney) has been voted "word of the year, 2007" by the American Dialect Society.
Euromoney February 2008
Charles Prince, he of Citi fame, will be forced to move back into his Park Avenue apartment after putting his Greenwich, Connecticut, mansion up for sale.
Euromoney February 2008
Euromoney February 2008