January 2009
| Euromoney January 2009 The president of the European Central Bank is at the centre of the global financial storm. He knows his actions are crucial to the survival of the entire global financial system. He gives his most in-depth interview since the collapse of Lehman Brothers to Clive Horwood and Mark Johnson. |
Euromoney January 2009
Even in tough capital markets, open only
to the few, it’s still possible to craft good
deals, attract new investors, bolster
balance sheets and stave off disaster.
For all their past sins and excesses,
investment banks – the good ones at
least – will prove themselves invaluable
over the coming 12 months
Euromoney January 2009
Agency brokers have returned to fixed
income just as investment banks have
withdrawn from the market. Will they
be able to create dark pools of liquidity
and repair the breach in the distribution
of debt securities? And does their
increasing power herald the return of the
primacy of relationships?
Euromoney January 2009
Jordan’s Arab Bank is one of the most influential financial institutions in the Middle East. It has thrived for nearly 80 years, largely because of a strict risk management policy. Sudip Roy reports from Amman on how the bank is managing the financial crisis.
Euromoney January 2009
US policy failures in the autumn of 2007 were crucial both in letting the financial crisis fester and then spiral out of control, and in a premature, panicky slashing of interest rates that paradoxically aggravated the slowdown severely, writes Charles Dumas.
Euromoney January 2009
Global stock markets are at their cheapest for 25 years. Belated measures taken by the US authorities, and possible stimuli from the new Obama administration – and not forgetting a proper historical analysis – show rewards will come in 2009 for those brave enough to buy, writes Charles Dumas.
Euromoney January 2009
Euromoney January 2009
In this downturn, corporate restructurings will be driven by problems at the banks rather than the struggling companies themselves. Louise Bowman explains why.
Euromoney January 2009
In the first of a series of interviews for 2009 with some of the world’s leading corporate chief executives, boss Antonio Brufau talks to Laurence Neville about his strategy for keeping a top-10 energy company on track in challenging times.
Euromoney January 2009
Deleveraging is the key word of the moment and there is still a long way to go for banks and hedge funds. Beyond that, the impact in the real economy of the banking crisis is only just starting to appear. The tools at governments’ disposal may not be strong enough to handle the challenge. Is a raft of new regulation inevitable?
Euromoney January 2009
The credit crunch has spread to emerging Europe – despite what the region’s central bank governors may claim. They have taken action to bolster liquidity and shore up the banking sector. Chloe Hayward asked 14 monetary authority heads what more they can do to manage the inevitable downturn.
Euromoney January 2009
After enjoying years of plenty, the country’s investment banks are facing up to the prospect of leaner times ahead. Guy Norton reports from Moscow on how they are looking to survive the economic downturn.
Euromoney January 2009
In the past few months the Russian capital markets have been hit by a rush of selling as spooked investors head for the exit, sending valuations into free fall. Guy Norton reports from Moscow on what lies in store.
Euromoney January 2009
Just two years after facing its previous financial crisis, Hungary is once again in trouble thanks to over-reliance on foreign markets. But it is not necessarily the banks that need saving. Jethro Wookey reports from Budapest.
Euromoney January 2009
Unlike most sovereign wealth funds, the State Oil Fund of Azerbaijan is still growing strongly and looking for more foreign risk. Will the country’s experience of the global downturn rob the international capital markets of a new hope? Dominic O’Neill reports from Baku.
Euromoney January 2009
Kazakhstan has emerged as the principal conduit for South Korean investment in central Asia. Guy Norton reports from Almaty on the future for cooperation.
Euromoney January 2009
In 2009 corporate issuers are likely to join financials in seeking to push through equity issues aimed at repairing balance sheets. Intricate measures might be needed to attract investors. However, IPOs look set to be less thin on the ground than in 2008 – at least by mid-2009. Peter Koh reports.
Euromoney January 2009
As in all other areas of financial services, the credit crunch has made its presence felt in international cash management. Banks and corporates have found their relationships and business practices severely tested and have found out who they can, and cannot, trust in a downturn.
Euromoney January 2009
Not all doom and gloom for 2009, though capacity will be tested.
Euromoney January 2009
Biggest names in European securitization research culled.
Euromoney January 2009
The Norwegian government and Eksportfinans have announced a facility that will provide long-term financing for the country’s export sector.
Euromoney January 2009
The European secondary loan market was bracing itself for a painful year-end in December as balance-sheet-driven forced selling started to bite.
Euromoney January 2009
Irish divestment would be severe test for weakened loan market.
Euromoney January 2009
Hybrid capital issuance threat from Deutsche Bank’s non-call.
Euromoney January 2009
The liquidity crisis has contributed to a dramatic change in the trading of fixed-income securities. A year ago the curtailment of the liquidity to investors could be written off as a temporary state of affairs that would be rectified as soon as market conditions got back to normal.
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
The use of technology to create a virtual single-trading environment is well understood. But while attention has tended to focus on the front end, it is just as important to get all the links in place in the post-trade area as well.
Euromoney January 2009
A fuller understanding of true trading costs should help decisions about post-trade functions.
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Saxo Bank has had a mixed press this year, which is perhaps testament to the fact that it can no longer be considered to be a junior upstart in foreign exchange.
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
The endless series of new index lows has repeatedly confounded investors who see equities as having become cheap again. The rally at the end of last year has raised hopes once more that valuations might have found a bottom. However, for some leading strategists, what looks like cheap today may not be cheap enough.
Euromoney January 2009
Euromoney January 2009
The proliferation of alternative trading venues in Europe has vastly complicated the task of achieving best execution.
Euromoney January 2009
Euromoney January 2009
Investment bankers out of a job might do well to consider a career in alternative investments in 2009.
Euromoney January 2009
The Latin American hedge fund index compiled by HFR was down 25.41% at end of November as the Brazilian real was hit, but compared with Russia/eastern Europe and Asia ex-Japan, which were down 53.95% and 35.61%, respectively, the region is the safer of the emerging markets.
Euromoney January 2009
When it comes to retaining clients, hedge funds can’t win at the moment.
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Asia has proved less immune to the global downturn than was once thought.
Euromoney January 2009
Euromoney January 2009
Hedge funds were ill-prepared for a downturn. Survivors of the shake-out will need to develop their business management skills to cope, says Nick Evans, editor of EuroHedge.
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Ideologically the US and Iran are far apart, but economically they are uncomfortably linked. As the US recession spurs an oil-price crash, Iran’s populist financial policies might be set to face substantial obstacles.
Euromoney January 2009
Government support has prevented a systemic run on the banks, but funds are not getting through.
Euromoney January 2009
Kazakhstan’s bankers are taking a defiant stance towards the financial crisis. Despite the fact that important sectors of the economy such as banking and construction have been hit hard by the global credit crisis, which has cut off the supply of cheap foreign funding that backed their rapid expansion, investment bankers believe there is still plenty of potential business to be fought over.
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Otherwise the country faces a crisis akin to 1998.
Euromoney January 2009
Madoff should mark the end of feeder funds.
Euromoney January 2009
Having negotiated away their covenant protection in the boom years, lenders find themselves in a weak negotiating position in the bust.
Euromoney January 2009
Relationships count more than ever in the world of equity trading.
Euromoney January 2009
Non-performing loans will haunt the People’s Republic in 2009.
Euromoney January 2009
Levels quoted make no market sense whatsoever.
Euromoney January 2009
Those of us involved in finance tend to treat the vagaries of investment banking as a matter of life and death.
Euromoney January 2009
Markets are positioned for something akin to the Great Depression. With so much doom and gloom in the air, now is the right time to buy equities.
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009
Euromoney January 2009