September 2009
| Euromoney September 2009 Bank business models have to change. Capital requirements will be higher. Leverage and risk will be lower. But there is a danger that regulators will try to make the system too safe. That’s if they ever manage to coordinate their actions. In the meantime, bank leaders are trying to find the best model for their own institutions, while managing the fallout from the credit crunch and second-guessing the lawmakers. Peter Lee reports. |
Euromoney September 2009
Banks will have to operate under a stricter capital regime. While they are feverishly raising more and higher-quality capital in the financial markets, proposals put forward by regulators are not to everyone’s taste, not least the potential treatment of hybrid securities. Sudip Roy reports.
Euromoney September 2009
Bankers are back in the saddle, pursuing ever-greater profits and rewards. Investors are back at the casino trying to recoup their losses. Have fund managers – and the analysts that rate banks – learnt any lessons from the banking crisis? Dawn Cowie investigates.
Euromoney September 2009
With nearly 30 years’ experience at the central bank, Durmus Yilmaz is the ideal person to steer the country’s financial system through the global credit crisis. Sudip Roy reports.
Euromoney September 2009
The finance minister has enhanced his country’s reputation for sound fiscal policy that takes full account of social justice, while a strong regulatory regime has kept the financial sector out of the chaos. Helen Avery reports.
Euromoney September 2009
With the international economy more volatile than ever, global investors are paying more attention to country risk analysis. Risk looms both where you most and least expect it. In Euromoney’s latest rankings, the US has fallen out of the top 10. Jacqueline Cutler reports.
Euromoney September 2009
Santander has been one of the winners of the credit crunch. Its chief executive, Alfredo Sáenz, believes the bank’s success has been due to sticking to a model that was appropriate through the cycle. Euromoney asks him how the bank is adapting to pressures from the market and the regulators.
Euromoney September 2009
Huge supply, uncertainty over the inflation outlook and the effects of exceptional monetary policy, the prospect of a dramatic rise in yields, or a buyers’ strike: all these are stalking government bonds. Alex Chambers finds out whether the bond market will blow stuttering economic activity off track.
Euromoney September 2009
The post-credit-crunch environment has thrown the spotlight on intra-day liquidity facilities. Once taken for granted, these have now become a symbol of the changing relationships between banks and clients in cash management, and of the stresses still inherent in the global credit system.
Euromoney September 2009
This recession is unusual in that it was not triggered by commercial real estate but has dragged the sector down with it. However, this does not mean that recovery for this asset class will be any quicker or less painful. Louise Bowman reports.
Euromoney September 2009
Opaque and fragmented, China’s financial sector is growing fast, and the world’s top investment banks urgently want to break into its highly protected market. Making the most of opportunities requires adapting to local practices, balancing a complex web of interests and getting a head start. Lawrence White reports.
Euromoney September 2009
Singapore’s free-wheeling private bankers enjoyed the ride of their lives in the pre-crisis years, but with government intervention and a clutch of lawsuits looming, it looks as though many are finally running out of road. Eric Ellis reports.
Euromoney September 2009
Nicholas Moore, Macquarie’s chief executive, says difficulties with listed infrastructure funds should not be blown out of proportion. Despite their high public profile, its infrastructure activities are a small proportion of its business. But he’s finding it hard to shake off the notion that the ‘Macquarie model’ is broken. Chris Wright reports.
Euromoney September 2009
For most of 2009, Malaysian dealmakers had little to talk about. But when a landmark bond issue for Petronas, the country’s biggest corporate name, came to market in August, it more than made up for lost time. Lawrence White reports from Kuala Lumpur.
Euromoney September 2009
Afghanistan has a fast, efficient, customer-friendly banking system in its network of money traders. They operate where western-style bankers fear to tread – indeed those bankers rely in part on the traders to complete transactions. But the government would like the banks to supersede this old, established system.
Euromoney September 2009
Defaults by the Ahab and Saad groups and their respective Bahrain-based banks TIBC and Awal might or might not be directly related. Ahab claims Saad is involved in its own downfall, a charge denied by Saad. Whatever the truth, the crises have weakened confidence in creditworthiness. Dominic O’Neill reports.
Euromoney September 2009
Sheikh Salem AbdulAziz Al-Sabah, governor of the Central Bank of Kuwait, talks to Euromoney about the measures taken to ensure the stability of the banking system and economy in the face of the global financial crisis and slowdown.
Euromoney September 2009
Far from being caught up in the financial crisis of the past 18 months, Lebanon’s banking system and credit markets have emerged from the crisis stronger than before. Euromoney asked Riad Salameh, the central bank governor about his country’s apparent immunity to the credit crunch.
Euromoney September 2009
Gulf project finance has become a tougher market since the credit crunch. But local banks are plugging some of the funding gaps and international banks will still take on sound projects if the terms are right. Nick Kochan reports.
Euromoney September 2009
Nigeria’s home-grown banking bubble was peremptorily burst by the central bank governor last month. Five bank managing directors were summarily removed and the four that hadn’t fled were arrested on charges of financial irregularities, with their irresponsible loan policies given a public airing. Nick Kochan reports.
Euromoney September 2009
Iran’s privatization programme is putting shares in the hands of quasi-state organizations. That’s partly because the domestic private sector is starved of funds and foreign investment is hampered by US sanctions and local restrictions. Mainly, though, it’s because the ruling elite wants to retain control. Angus McDowall reports.
Euromoney September 2009
Turquoise Partners’ insights into the Iranian stock market have yielded impressive returns for its two funds. Sudip Roy reports.
Euromoney September 2009
Corporate losses on currency derivatives have increased the pressure on banks, as well as calls for improved transparency, the enforcement of margin-call documentation, regular marking to market, exchange trading of products and the use of clearing houses. Chloe Hayward reports.
Euromoney September 2009
Latin America’s biggest bank is difficult to understand. Is it the tool of its majority shareholder, the government? Or are its decisions rational and market led? Chloe Hayward investigates.
Euromoney September 2009
Banco de Crédito del Peru’s fortunes wax and wane with those of the Andean nation’s economy. Sudip Roy talks to chief executive Walter Bayly about the bank’s prospects.
Euromoney September 2009
Latin America’s banks have stood apart from their Western peers during the financial crisis. Senior bank executives from across the region discuss the impact of the crisis and their plans for the coming year.
Euromoney September 2009
Martin Redrado has laboured hard since 2004 to restore and sustain the country’s financial stability in the face of global meltdown and difficult government policies. The central bank governor speaks to Jason Mitchell in Buenos Aires about the challenges he faces and his ambitions for the economy.
Euromoney September 2009
How much longer can Turkish banks increase profits while the economy shrinks? The luck and skill of the industry have meant that defaulting borrowers have not yet caused a credit-quality crisis. But in Turkey, financial meltdown is often just around the corner. Dominic O’Neill reports from Istanbul.
Euromoney September 2009
The local speculators who dominate trading in Turkey’s burgeoning equity derivatives market have had a roller-coaster ride over the past year. But the market’s popularity has continued to grow and it looks set to become even busier. Dominic O’Neill reports.
Euromoney September 2009
The country’s banking crisis of 2000/01 spurred the regulatory regime that has served it so well during today’s global turmoil. But can it continue on a path of sustainable, low-volatility growth? And are investors demanding too high a risk premium for a stable credit and solid banking system?
Euromoney September 2009
Russia’s president is distancing himself from the financial corruption of the past few years and pushing through legislation to curb insider trading. Russia’s rehabilitation with outside investors should do wonders for the country’s cost of capital. Elliot Wilson reports.
Euromoney September 2009
Raiffeisen International has continued to post healthy profits despite difficult economic in the central and eastern European countries in which it operates. Chief executive Herbert Stepic accepts that the financial world has changed but tells Euromoney he believes there is no need for draconian regulation.
Euromoney September 2009
Russia’s capabilities have been stretched by the global financial crisis and an economic slowdown but its dominant position as a commodity exporter can still be a strength if the necessary reform and reconstruction measures are put in place. A panel of Russia analysts discusses the key issues.
Euromoney September 2009
Spanish bank is the first foreign buyer from the FDIC; Rising failures are testing the FDIC’s resources
Euromoney September 2009
Krawcheck faces tough task at BofA Merrill Lynch; Merrill wealth staffers unwelcoming of outsiders
Euromoney September 2009
Bid-ask spread spreads are narrowing in rates; ECM fees and volumes are under pressure
Euromoney September 2009
Global wealth managers lose out to local players; Client expectations set to change playing field
Euromoney September 2009
Balance sheet strengthened to create billions in economic capital; IPO of 15% of Brazilian operation weighed
Euromoney September 2009
Auto ABS transactions mooted for Q4; Barclays takes soundings for possible RMBS deal
Euromoney September 2009
Junior lenders frustrated; IMO case sets precedent
Euromoney September 2009
Slight pick-up in volumes; Investors see value in battered UK
Euromoney September 2009
The first Swiss issuer of jumbos; Broader investor base sought
Euromoney September 2009
Boost in markets reignites demand; Private equity players return
Euromoney September 2009
Two institutions are making a push in the European government bond/rates sector, a development that recognizes the high profits made in rates trading during the first part of this year.
Euromoney September 2009
Dealers, investors and issuers welcome BABs; Expected to be a long-term part of the US muni market
Euromoney September 2009
Euromoney September 2009
Euromoney September 2009
Euromoney September 2009
Euromoney September 2009
Euromoney September 2009
Euromoney September 2009
Purchases from RBS broaden horizons; But were the best assets bought?
Euromoney September 2009
US bank gets secondary market nod; Still lacks crucial underwriting licence
Euromoney September 2009
Re-elected president set on more clean-ups; Economy on a steady growth path
Euromoney September 2009
Euromoney September 2009
Brazilian exchange faces multiple competitive threats; Enters exclusive talks with Nasdaq OMX
Euromoney September 2009
Chilean broker and US bank to build derivatives platform; Economists view Chile as Latin tiger
Euromoney September 2009
Euromoney September 2009
Government launches debt exchanges; Takes steps to rebuild access to international markets
Euromoney September 2009
Benefits from improving commodities strength; Fastest-growing economy in Latin America
Euromoney September 2009
Economic stimulus needed; More uncertainty about requirements
Euromoney September 2009
Development agencies emerge as key players; Other funds in the pipeline
Euromoney September 2009
High oil price, cheap valuations to spur rally; Growth forecast at 4% in 2010
Euromoney September 2009
Trio of projects set to be signed; Commercial bank lending recovering
Euromoney September 2009
Euromoney September 2009
Market poised for record-sized issues; Corporates see debt as more attractive than equity
Euromoney September 2009
Middle Eastern sovereign wealth funds are still in fashion but the look has changed.
Euromoney September 2009
Burgeoning equity derivatives market; Introduction of futures on individual stocks a priority
Euromoney September 2009
Agreement of new capital rules can’t come soon enough but speedy imposition of them might be dangerous for banks and the global economy.
Euromoney September 2009
The boom in the bond markets has quickly brought back some unwanted old habits.
Euromoney September 2009
New government must be careful not to crank up the JGB machine too far.
Euromoney September 2009
The collapse of the Gulf states’ investment boom suggests that they should look to the wider region as a target for their surpluses.
Euromoney September 2009
Ratings agencies may not use the First Amendment to protect themselves but they still won’t be successfully sued over every structured credit opinion.
Euromoney September 2009
China signals its intent for the yuan to become a reserve currency soon.
Euromoney September 2009
Limited UBS agreement to disclose account details to IRS should not fatally damage the sector.
Euromoney September 2009
Government policymakers and regulators around the world are striving to agree new rules to make the financial system safer. Euromoney has a few recommendations.
Euromoney September 2009
"How the hell do you think I’m doing after losing $1 billion?"
Euromoney September 2009
The buoyant stock market is built on credit stimuli that cannot continue until there is a recovery in the real economy – and that is still way over the horizon.
Euromoney September 2009
In July this column read the last rites over some unexpected victims of the crisis. Happily, some deaths have been greatly exaggerated while other parts of the economy and markets are due for a renaissance.
Euromoney September 2009
Euromoney September 2009
The study concludes that the generally accepted wisdom that managers get six out of 10 decisions right is wildly optimistic.
Euromoney September 2009
Have you got children in their late 20s and 30s who are still single? Perhaps it is time to become a client of Hana Private Bank.
Euromoney September 2009
One year after its collapse, Lehman Brothers has inspired its first film.
Euromoney September 2009
Euromoney September 2009
