October 2009
| Euromoney October 2009 A year after acquiring Lehman Brothers’ Asian and European businesses, Nomura says it is halfway to building a global investment bank. Few people outside the firm think it will succeed. To some, it is already the ‘other Lehman takeover’. But Nomura’s leaders are determined to win the battle. Lawrence White and Helen Avery report. |
Euromoney October 2009
Bank of England deputy governor Paul Tucker understands bankers’ fear of excessive regulation, but he’s not easing up. He insists banks should improve the quality of their capital and sees no role for subordinated debt. He wants strong banks to blow the whistle on the weak and to know that, in future, the shareholders of survivors will pick up the tab for bailing out the system. Peter Lee reports.
Euromoney October 2009
A romantic, old-fashioned style of banking business is enjoying a revival in the US. Smaller banks are gaining customers who are disillusioned with their bigger, national competitors. The White House is encouraging the trend. But should they be worried about banks that are too small to be saved?
Euromoney October 2009
Regional and multi-regional cash management banks have a chance to expand their markets and force global providers to rethink what they offer. Will they seize their opportunity? Laurence Neville reports.
Euromoney October 2009
Governments and the broader public sector are increasingly seeking the sort of service improvements that can draw on cash management specialists’ expertise. Laurence Neville reports.
Euromoney October 2009
Along with its peers Russia’s Alfa Bank has been battered and bruised by the financial and economic crisis. Its president, Petr Aven, tells Sudip Roy how the bank is battening down the hatches.
Euromoney October 2009
SW Asset Management, a new fixed-income fund, is demonstrating its enthusiasm for emerging market firms by investing in their debt and exploring the credit default swap market. Dominic O’Neill reports.
Euromoney October 2009
The spectacular rally in the US high-yield market this year has spilled over to Europe, raising the tantalizing prospect that, after several false starts, this asset class could finally establish itself. Louise Bowman reports.
Euromoney October 2009
Italian insurers suffered badly from the Lehman bankruptcy thanks to investments in structured notes. The result is a regulatory shake-up to fundamentally change the way structured products are sold and distributed. John Ferry reports.
Euromoney October 2009
Morgan Stanley’s incoming CEO explains strategy; Mack and Chammah take new responsibilities
Euromoney October 2009
Euromoney October 2009
Guarantees from its parent remove the big risks; It sets out modest targets for a return to profitability
Euromoney October 2009
New firms target middle-market clients via strategic alliances; Private banks and family offices seen as possible rich vein
Euromoney October 2009
Euromoney October 2009
Three become five as clients choose multi primes; JPMorgan expands Bear Stearns’ platform
Euromoney October 2009
Euromoney October 2009
Convertibles are attractive but illiquid; Investors are desperate for new issues
Euromoney October 2009
Keen to avoid pitfalls of FXMarketSpace; Flexibility and cooperation key
Euromoney October 2009
Euromoney October 2009
Euromoney October 2009
Euromoney October 2009
Euromoney October 2009
Euromoney October 2009
Sovereign tests appetite for a $500mln bond; Government confident of strong growth
Euromoney October 2009
Daiwa, Nikko split from commercial partners; Kirin/Suntory shows corporate Japan’s pragmatism
Euromoney October 2009
Euromoney October 2009
The news that HSBC’s chief executive, Michael Geoghegan, will move to Hong Kong has been greeted as further proof of the importance of Asia to the world’s top banking franchises.
Euromoney October 2009
Stimulus measures to be retained; New oil finds boost growth prospects
Euromoney October 2009
US venture focuses on private sector deals; Two-way trade growing
Euromoney October 2009
Euromoney October 2009
Euromoney October 2009
Terms of bond offer announced; Company has 21 days to complete restructuring
Euromoney October 2009
Credit-quality and profit-growth troubles; Subsidiary in Syria to undertake IPO
Euromoney October 2009
Euromoney October 2009
Hopes to raise equity up to $500 million; Turns away from real estate development
Euromoney October 2009
Two former JPMorgan bankers have launched a hedge fund that invests in fixed-income instruments in Russia, Kazakhstan and Ukraine.
Euromoney October 2009
Sheila Bair is running short of funds. But she is right to want to raise them in a way that doesn’t create a panic.
Euromoney October 2009
Hybrid capital may no longer be welcome in the US and Europe but it is playing a valuable role in the emerging markets.
Euromoney October 2009
Lloyds’ bumper RMBS is good news but it doesn’t fix the market.
Euromoney October 2009
HSBC moves its chief executive to Asia not a moment too soon, as it seeks to grow earnings while international banks pull back.
Euromoney October 2009
A worrying trend has surfaced in emerging markets as volatility hit China’s hedging contracts.
Euromoney October 2009
Ankara ought to reveal the source of a $15 billion windfall in its budget.
Euromoney October 2009
Calderón needs tougher measures to solve the fiscal deficit problem.
Euromoney October 2009
In December 2008, I wrote a piece about Barclays, criticizing the expensive £7 billion capital-raising from Middle East investors and the decision to purchase Lehman’s US broker-dealer last September when the outlook for investment banking was at its most opaque. The article elicited howls of outrage from Barclays’ supporters. One indignant reader snorted: “I am encouraged by your criticism of Barclays’ management.”
Euromoney October 2009
I congratulate Morgan Stanley’s board for having made a decision rather than tiptoeing around the succession story until it became the elephant in the room. But there will be challenges ahead.
Euromoney October 2009
Bankers like to think of themselves as entrepreneurs and when the leveraged finance market died many specialists were reborn as restructuring professionals.
Euromoney October 2009
Merckle may have committed suicide because his empire was floundering but if I were a senior manager of a bank that is still in receipt of funds from the Troubled Asset Relief Program (Tarp), I might feel a little suicidal myself. In late September, I read a document enticingly entitled: ‘Practical considerations for implementing a luxury expenditures policy’, produced by Navigant Consulting. I don’t think I have laughed so much since details of the refurbishment of former Merrill CEO John Thain’s office surfaced.
Euromoney October 2009
Policymakers like to talk up the dollar. But an orderly decline of the greenback would be no bad thing.
Euromoney October 2009
Gordon Brown’s government has no clear strategy for dealing with the budget deficit. Nor does its likely successor, the Conservatives led by David Cameron.
Euromoney October 2009
Investment bankers have always had a reputation for innovation – perhaps one they want to downplay right now. But a tour of the leading capital markets houses on Wall Street, almost a year to the day after the collapse of Lehman Brothers, gave the impression that they had learnt a new skill: the ability to bend time.
Euromoney October 2009
A flurry of announcements during September heralds the end of an era in US banking. The banks themselves will hope it also presages a new, calmer period for their own institutions and the financial markets.
Euromoney October 2009
Euromoney October 2009
The leaders of the world’s banking industry will be relieved to know that someone is there to help them overcome their inhibitions and rebuild their damaged egos.
Euromoney October 2009
Euromoney October 2009
On September 11 BGC Partners held its Annual Global Charity Day, involving the slightly bizarre sight of well-known (and indeed not-so-well-known) celebrities wandering around the inter-dealer broker’s trading floors taking calls from clients.
Euromoney October 2009
Euromoney October 2009
Euromoney October 2009
The global financial climate has forced treasurers to focus on making the best use of resources,
wherever they may be. Technological developments are making that easier, but they are also
having to cope with a tighter regulatory environment.
Euromoney October 2009
Published in conjunction with:
Banco Santander Totta
Caixa - Banco de Investimento