December 2008
| Euromoney December 2008 As credit and equity markets crashed again in November, mounting problems in the US government bond markets went almost unnoticed. There are worrying signs that the treasury market itself, the last haven for risk-averse investors, is breaking down. Deliveries of treasuries failed at an all-time high of $2 trillion, and over periods lasting weeks, starting in October. Helen Avery reports.
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Euromoney December 2008
Access to debt refinance has all but dried up for corporate treasurers. Those expecting tier back-up loan facilities to bail them out could be in for a nasty surprise. Alex Chambers looks at how companies can survive the liquidity crisis.
Euromoney December 2008
A tumbling blade has to land some time. Hank Paulson may have decided against trying to stop it directly but John Paulson is apparently back buying mortgage-backed securities. Louise Bowman speaks to other credit investors who believe there is money to be made from this shattered market.
Euromoney December 2008
Long sheltered from the credit crunch, sovereign, supranational and agency spreads have ballooned in the wake of the introduction of government-guaranteed bank debt. How will SSA names find their place in the uncharted territory of Libor-plus? Jethro Wookey reports.
Euromoney December 2008
Banks in emerging markets appeared to have escaped the worst of the financial crisis. Now, as capital markets seize up and the global economy heads for recession, they must face the same liquidity and solvency pressures as their western counterparts. Sudip Roy looks at the banks most likely to cope.
Euromoney December 2008
Fails to deliver in the US equity market have exacerbated the sharp declines in share prices of financials. Although the SEC is clearing up the mess caused by naked short-selling, more drastic measures might be needed to restore confidence. Helen Avery reports.
Euromoney December 2008
Data from the Islamic Finance Information Service indicate that rapid growth of Shariah-compliant banking comes mostly from a low base. Is the sector set for a wave of consolidation as organic growth slows? Chris Wright reports.
Euromoney December 2008
The market is growing fast in Muslim countries and among Muslim communities. Its fuller development, Euromoney’s roundtable of experts suggests, depends on clearer views on objectives, further development of regulation and standardization of products and approaches.
Euromoney December 2008
With capital markets effectively closed, cash-rich Chinese firms are well placed to profit. They have tended to rely less on international markets for funding than some regional peers, and are able to develop strategies without the liquidity worries that plague rivals. Lawrence White reports.
Euromoney December 2008
Beloved by the international markets for her professionalism and by most compatriots for her reformist zeal, Mulyani Indrawati is battling with those who prefer things done the old way. Lawrence White spoke to her at the G20 summit.
Euromoney December 2008
The global financial crisis has taken hold in the region, leading to a drastic slowdown in traditional capital-raising. With job cuts expected soon, investment bankers are working hard to meet nervous clients’ needs and perhaps simultaneously save their own jobs. Lawrence White reports.
Euromoney December 2008
Newly peaceful, liberalized Algeria is an attractive prospect for Middle Eastern and European investors. But a change in the political wind has blown in a whiff of protectionism. Dominic O’Neill reports from Algiers.
Euromoney December 2008
Government provides a bridge for primary market funding.
Euromoney December 2008
Gatwick sale will test appetite for infrastructure assets.
Euromoney December 2008
Rating downgrades threaten CLO structures.
Euromoney December 2008
Euromoney December 2008
Agency brokers build fixed-income teams.
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
The platform’s chief executive, Phil Weisberg, says the firm is ready to face the difficulties of a bear market.
Euromoney December 2008
Bumper results produced by many FX units are likely to prove a sideshow in what will be a year of write-downs and general value destruction.
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
The credit crisis has, so far, raised Santander’s relative standing among its peers, as the Spanish bank has sidestepped some of the pitfalls of its rivals and picked up a few bargain acquisitions. The bank’s reputation for savvy deal-making has also been enhanced, making it surely one of the most sought after financial sector clients for any investment bank.
Euromoney December 2008
Investors stay on the sidelines and look at directionless strategies.
Euromoney December 2008
UK pension funds slash equity allocations.
Euromoney December 2008
Multilateral trading facilities have been gaining market share in recent months but the market itself has been shrinking. MTFs’ conspicuous success is also attracting some unwanted attention.
Euromoney December 2008
Euromoney December 2008
In November, Grand Canyon Education, a provider of online education services, broke the US market’s 15-week drought of IPOs with a $126 million deal, ending the US’s driest spell since 1975.
Euromoney December 2008
Up to now interest in volatility as an asset class or strategy has been limited.
Euromoney December 2008
The losses in the long/short strategy favoured by the majority of hedge funds show no signs of abating.
Euromoney December 2008
There are not many markets left in which it would be safe to invest but agriculture ought to be a safe bet.
Euromoney December 2008
John Paulson, George Soros, Citadel’s Ken Griffin, Harbinger Capital’s Philip Falcone and Renaissance Technologies’ James Simons were all grilled by Congress in November about hedge funds’ role in contributing to the financial markets’ meltdown.
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Once out of favour, futures traders are coming into their own by maintaining solid positive returns in grim markets, argues Neil Wilson.
Euromoney December 2008
Euromoney December 2008
News that China’s National Development and Reform Commission is considering a new stimulus package in addition to the Rmb4 trillion ($586 billion) plan announced on November 9 will bring cheer to investors and analysts who regard the country’s growth as central to the prospects of an Asian, or indeed global, recovery from the present crisis.
Euromoney December 2008
Chi-X has announced that it is bringing its multilateral electronic equities trading platform to Japan, placing itself in direct competition with the oft-criticised Tokyo Stock Exchange.
Euromoney December 2008
"If you track our market performance since the election in early March... there is probably less volatility"
-Dato’ Yusli Mohamed Yusoff, Bursa Malaysia
Euromoney December 2008
Thierry Porte, the president of Tokyo’s Shinsei Bank, has resigned, taking responsibility for the bank’s poor results after it lost ¥19 billion ($198 million) between April and September this year. The loss caps a run of weak results for the bank over the past two years, and Porte’s exit marks the end of an era as the firm is returned to the leadership of its chairman, the 79-year-old Masamoto Yashiro.
Euromoney December 2008
The Asian units of the world’s leading investment banks have not been immune to the industry-wide job cuts being announced.
Euromoney December 2008
Fit of family cultures closer than with rival Bradesco.
Euromoney December 2008
Euromoney December 2008
Central bank president sees no need for recapitalization, nor guarantees for deposits or liabilities.
Euromoney December 2008
Uncertainty over bridge loans for infrastructure projects.
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Eastern Europeans think it could be a haven in troubled times.
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
This crisis is only going to end when the root cause of the problem – the housing market – is fixed.
Euromoney December 2008
Are we already into the era of unconventional monetary policy?
Euromoney December 2008
Shinsei provides a reminder that bail-outs don’t make bad banks good.
Euromoney December 2008
If Congress is intent on playing the blame game, what of those who lend the stock?
Euromoney December 2008
Jobs are far from the only concern as the car icons plead to Congress.
Euromoney December 2008
Can a spending spree mask problems in banking and the broader economy?
Euromoney December 2008
Vikram Pandit needs a good deal, and fast, to save not just his tenure but possibly his bank.
Euromoney December 2008
Investors are in no position to worry about niceties in bank capital raising.
Euromoney December 2008
Dubai’s property bubble has finally burst. For Abu Dhabi, it is a pain, but also an opportunity.
Euromoney December 2008
A falling oil price is limiting Hugo Chávez’s economic and political options.
Euromoney December 2008
Sifma’s new covered bond group seeks to find a consensus among traders. But with no public covered bond market in evidence, why now?
Euromoney December 2008
US Treasury secretary Hank Paulson seems to be making an effort to rewrite his part in the failure of the US financial system, perhaps in an effort to influence the verdict of history.
Euromoney December 2008
Beleaguered Barclays, Delphic Deutsche, bank bonuses and preempting press releases.
Euromoney December 2008
Zombie banks are stalking the global economy, choking off credit to viable businesses. The solution, writes Lincoln Rathnam, is a straightforward separation of the good from the bad.
Euromoney December 2008
The spread of the credit crisis to emerging countries will have more than just domestic repercussions.
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Euromoney December 2008
Even though it is now under pressure from the global financial crisis, Brazil can look back on 2008 as a relatively good year, with growth close to target, and look forward from a position of strength, sustained by high forex reserves and a sound policy environment. Laurence Neville reports.
