May 2009
| Euromoney May 2009 Losses in RBS’s investment banking division almost brought down the entire group. Many called for
it to be shut down. But John Hourican, the firm’s new head of global banking and markets, believes he is positioning a new-look business to thrive in post-credit crunch markets. Could the cause of RBS’s ills be the
hope for its recovery? |
Euromoney May 2009
Foreign exchange, money markets and rates have returned Deutsche Bank to profitability. Anshu Jain, the firm’s global head of markets, says it’s all down to applying smart solutions to relatively simple products. But don’t be fooled into thinking he’s given up on more complex business. Clive Horwood reports.
Euromoney May 2009
Two months in and only $6.4 billion in Talf loans from the $200 billion programme have been taken up. The number of investors lined up to participate is increasing and Ben Bernanke could end up with his $1trillion dream of Talf issuance and a revival of US consumer lending. Issuers need to get on board. But will they?
Euromoney May 2009
Never in the European Bank for Reconstruction and Development’s history has central and eastern Europe needed its support so much. President Thomas Mirow explains its plans to head off the threat of depression to Sudip Roy.
Euromoney May 2009
The impact of the wider financial crisis has forced firms and their corporate clients to re-examine the way they approach their foreign exchange business. A strong sense of realism bodes well for the market. Lee Oliver reports.
Euromoney May 2009
The top-five banks in the 2009 Euromoney FX poll remain the same as in 2008 despite big sub-prime losses. As senior FX bankers make clear, a leading position in the market reflects an established set of relationships that aspirant banks find hard to build, whatever their creditworthiness. Lee Oliver reports.
Euromoney May 2009
When he set up debt adviser Versatus, ex-Nomura leveraged finance chief Michael Berry joined a growing universe of ex-bankers looking to join in the corporate turnaround and restructuring business. He speaks to Louise Bowman.
Euromoney May 2009
The potential for huge profits may no longer be there but good opportunities can still be found. Louise Bowman reports.
Euromoney May 2009
Governments are committed to boosting infrastructure spending, but they must take care on how they do it. Louise Bowman reports.
Euromoney May 2009
Even before the global financial crisis fully hit home, Citi had recognized that its successful Asia-Pacific division could perform even better with a more centralized structure. Ajay Banga has put that in place, but the full impact of the changes might not be apparent for a while. Elliot Wilson reports.
Euromoney May 2009
Brazilian billionaire Andre Esteves has bought back much more than he sold just three years ago. His BTG-Pactual combination makes him one of the key players in Latin America’s largest market, and leaves UBS nowhere. Esteves outlines his ambitions to Chloe Hayward.
Euromoney May 2009
How many mega-projects can a crippled market handle? Saudi state bodies such as the Public Investment Fund are doing more to help the financing of projects but it might not be enough. Dominic O’Neill reports from Riyadh.
Euromoney May 2009
A stabilized currency and higher oil prices have given a welcome fillip to the Russian capital markets. But could slumping economic growth and soaring non-performing loans undermine the recovery? Guy Norton reports from Moscow.
Euromoney May 2009
In 2008, Russia’s property developers were hit by a brutal mix of fast-shrinking funding options and falling customer demand, sending equity valuations into a tailspin. Guy Norton reports from Moscow on the prospects for recovery.
Euromoney May 2009
CFO Afzal Modak tells Alex Chambers why Garanti is as well positioned as any company to weather the economic downturn and even take advantage of the opportunities it presents.
Euromoney May 2009
Euromoney May 2009
In the second part of Euromoney’s emerging market equity fund manager profiles, Chloe Hayward talks to seven managers and hears what history has taught them and how they plan to find their way through the minefield of commodity-linked stock markets, notably in eastern Europe.
Euromoney May 2009
Higher-cost hydrocarbons and falling exports are separating the state from the economy and destroying its Soviet relics, starting with the banks. Dominic O’Neill reports from Minsk.
Euromoney May 2009
The credit market has witnessed a number of unguaranteed deals from European banks. Increasingly, for well-capitalized financial institutions, there are investors willing to put money to work. Perhaps more important, the spread gap between where they can print government-guaranteed deals and issue paper backed purely by their own credit is no longer the yawning gulf it once was.
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Private equity stepping in to the vacuum left by lending banks.
Euromoney May 2009
During 2008, Henderson Global Investors expanded into the advisory business and Ganesh Rajendra has been hired to drive this part of the business forward. Rajendra last worked at Deutsche Bank, where he was head of European ABS research.
Euromoney May 2009
Much pressure has been placed on many market participants’ back offices as a result of the rapid expansion in foreign exchange trading volumes over the past few years.
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
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Euromoney May 2009
Euromoney May 2009
At first glance, it is not the right time to leave the safety of a large corporation to start up a business alone. But that is exactly what a number of financial professionals are now doing.
Euromoney May 2009
Emerging markets hedge funds returned more than any other strategy in March, producing 4.63%, according to HFR, ending eight months of continuous losses. In 2008, average losses of emerging market hedge funds were nearly 37%, and investors withdrew $6.7 billion from them in the fourth quarter. Total hedge fund capital committed to emerging markets fell to less than $67 billion globally.
Euromoney May 2009
Hedge funds and banks are backing out of film financing deals because of liquidity issues.
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Trade body representations at the G20 Summit helped reduce the pressure for heavy-handed regulation of hedge funds. Neil Wilson reports.
Euromoney May 2009
Latest figures show that new hedge fund launches and the total assets raised were both hit by the economic downturn. Neil Wilson reports.
Euromoney May 2009
If you want a microcosm of the bad habits global capital got into as the credit crunch hit, go to Brisbane.
Euromoney May 2009
Fubon Financial’s chief executive sees no hope at home without intensive consolidation.
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
With the international debt market still inaccessible for most Colombian corporates, the local market provides a ray of hope.
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
At least two of Kazakhstan’s leading banks are likely to seek a restructuring of their foreign debts in the near future. President Nursultan Nazarbayev has requested that the Kazakh government come up with a plan to help banks resolve their debt repayment problems by the middle of May.
Euromoney May 2009
Herbert Stepic, chief executive of Raiffeisen International, the second-biggest lender in central and eastern Europe, remains confident that despite the short-term effects of the global credit crunch and the associated economic slowdown, central and eastern Europe will continue to offer profitable opportunities for those institutions that display a long-term commitment to the region.
Euromoney May 2009
Mubadala, the Abu Dhabi state investment fund, is considering launching its debut bond soon following a successful deal by the government last month. Details are scarce but the company has hired Citi, Goldman Sachs and RBS to arrange meetings with investors in the US and Europe.
Euromoney May 2009
Gulf International Bank is finalizing a reallocation of shares in the light of a $4.8 billion bailout by its shareholders.
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
The sale of Pactual could be the first of many disposals of emerging markets assets by banks desperate to raise capital.
Euromoney May 2009
Rating agency treatment of distressed buybacks will make it even harder to salvage value in the battered loan market.
Euromoney May 2009
Eddie George’s skills are missed now more than ever.
Euromoney May 2009
The US Treasury has criticized banks for reducing lending after it bailed them out. The banks say they are doing their best and want to pay government capital back. A row is brewing.
Euromoney May 2009
Don’t just blame the locals: these are age-old derivatives-based losses.
Euromoney May 2009
Do CDS spreads for Brazil and Mexico adequately reflect their relative economic health?
Euromoney May 2009
Nigerian controls endanger foreign investment in Africa as a whole.
Euromoney May 2009
Tarp, Talf, PPIP – what’s an investor to make of it?
Euromoney May 2009
Euromoney May 2009
There are limited IMF funds for ailing emerging economies, available only on stiff terms, and that means serious consequences for those that have lent to them.
Euromoney May 2009
David Ricardo’s counsel of despair on the fate of the working man should also give investors food for thought, writes Lincoln Rathnam.
Euromoney May 2009
Goldman Sachs received plaudits following its first-quarter results. It beat all estimates when it posted earnings of $1.8 billion, equating to $3.39 a share, compared with expectations of $1.80.
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Consider the risks of personal injury if shoe throwing catches on.
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
Euromoney May 2009
With a stable democracy and a business-friendly economic environment, Honduras is making the most of its central location in the Americas.
