March 2010
| Euromoney March 2010 When Argentine president Cristina
Kirchner tried to grab $6.6 billion
of reserves from the country’s
central bank, its governor Martin
Redrado refused to play ball. A
stand-off ensued that threatened
a full-scale constitutional crisis.
This exclusive account reveals the
political tensions and the dirty tricks
as Redrado struggled to maintain the
independence of the central bank,
eventually at the cost of his own job. |
Euromoney March 2010
Big-ticket public deals still get most of the attention. But as the region’s markets mature, investment bankers are focusing below the surface. Their most profitable catch will be found in the local markets of credit, equities and commodities. Chloe Hayward reports from New York.
Euromoney March 2010
Just when Europe’s big banks have begun to repair their balance sheets and return to profitability, along comes the European sovereign debt debacle. With huge stockpiles of government bonds on their books, can the region’s banks avert a second catastrophe? Hamish Risk reports.
Euromoney March 2010
Regulators and legislators are rattling their sabres about the demise of privately negotiated derivatives markets. End users – especially corporates – and some on the sell side are not sure they have weighed up the situation appropriately. Hamish Risk reports.
Euromoney March 2010
Banco Safra is the largest bank in Brazil that is still wholly family owned. Patriarch Joseph Safra is now 70 and his bank is on the verge of a new era as it passes to his three sons. Chloe Hayward reports on the challenges they face.
Euromoney March 2010
It has been described as a jewel in Citi’s crown, but it may be merely the most valuable component of an ailing empire. A new management team needs to restore its leadership in Mexico. Chloe Hayward reports from Mexico City.
Euromoney March 2010
Global and regional financial crises provide Latin America’s corporate executive with stark evidence of benefits of good corporate governance and risk management.
Euromoney March 2010
Rich in resources, light on infrastructure and newly politically stable, Colombia is a prime target for private equity investment – and it’s not just international firms that are getting in on the act. Jason Mitchell reports.
Euromoney March 2010
Its successful 10-year bond issuance was no fluke. Despite the noise around its fiscal position, the country has relatively modest borrowing needs, a track record of tackling deficits and good banks. But the challenges for its sovereign funding team are unlikely to disappear any time soon. Philip Moore reports.
Euromoney March 2010
The full horror of the country’s bank-led collapse is still emerging. A new generation of regulators is trying to sort out the mess as prosecutors attempt to bring the perpetrators to justice but, as Elliot Wilson discovers in Reykjavik, there’s a long road ahead to recovery.
Euromoney March 2010
Turkey has ambitious plans for 2010 and 2011. As it seeks to finance a yawning budget deficit, everything is for sale. Lack of finance, legal challenges and a febrile political situation present hurdles but the government is determined to get deals done. Nick Lord reports from Istanbul.
Euromoney March 2010
After a year that turned out better than anyone could have expected, 2010 began with a new bout of nerves on financial markets.
Euromoney March 2010
Despite shaky state finances, the country’s banking system has so far avoided disaster, partly thanks to the caution of central bank governor Umayya Toukan. But can the kingdom remain a haven of stability? Dominic O’Neill reports.
Euromoney March 2010
Twenty US banks have failed this year and 720 more are on the troubled bank list. Private equity buyers have been snubbed but there not enough strategic buyers for the FDIC to be so fussy. Helen Avery reports.
Euromoney March 2010
Barclays’ strong performance earns its chief the right to be heard; Varley defends the universal bank model
Euromoney March 2010
European bank stocks have been hit; But volatile government bonds will boost earnings
Euromoney March 2010
Prop trading large part of revenues; Volcker Rule needs to go further
Euromoney March 2010
Rabobank, one of the world’s few remaining AAA-rated large banks has become a regular call for investment bankers looking to sell banking assets.
Euromoney March 2010
There was a record attendance at Euromoney’s annual private banking awards dinner in London last month, reflecting a year in which the importance of wealth management grew in the overall financial landscape, and that a time of change in global banking had brought about a host of new winners.
Euromoney March 2010
Rising government yields hurt bank funding; Slowing issuance might crowd out lower-rated corporate borrowers
Euromoney March 2010
Price action reflects fragile nature of recovery; Fed reiterates fed funds to stay low for “extended period”
Euromoney March 2010
Limited refinancing window; Bank lending capacity could fall
Euromoney March 2010
S&P’s study says bonds are overpriced; Study suggests premiums should rise
Euromoney March 2010
Underwriters “too aggressive” in their pricing; Investors wary of debt-laden companies
Euromoney March 2010
BNP Paribas hires across the board; Citi makes key e-commerce sales hire
Euromoney March 2010
Morgan Stanley is looking to play catch-up in online FX trading as it rolls out its new Matrix platform to clients.
Euromoney March 2010
Volume figures released during February confirm further increases in FX flow.
Euromoney March 2010
Euromoney March 2010
Euromoney March 2010
Clear sign of internationalization of market; KFH reverts to a safe pair of hands
Euromoney March 2010
Fund’s first US holdings disclosed; 13F filing intended to “set an example”
Euromoney March 2010
Euromoney March 2010
Currency contracts not structured unfairly; Judgement might set precedent
Euromoney March 2010
Central bank governor says bank branches in north will double; New sovereign bond possible
Euromoney March 2010
Swap sees 97% uptake; Further restructuring might be necessary
Euromoney March 2010
Euromoney March 2010
Euromoney March 2010
WestLB has perhaps become one of the Middle East’s less enchanting mysteries. The Düsseldorf-based lender has somehow been involved in almost all of the most publicized credit crises in the Arabian Peninsula over the past two years.
Euromoney March 2010
Pre-emptive issuance proves smart strategy; Improving economic fundamentals attract strong investor bid
Euromoney March 2010
After a hotly contested process involving more than 20 investment banks the authorities in Moscow have mandated Barclays Capital, Citi, Credit Suisse and VTB Capital to lead manage Russia’s return to the international bond markets after an absence of more than a decade.
Euromoney March 2010
Dar Al Arkan’s sukuk could have hardly come at a better time for Saudi Arabia.
Euromoney March 2010
State sales enjoy positive reception; No investor fatigue despite heavy issuance
Euromoney March 2010
First venture capital fund since crisis; Enhanced access to capital for SMEs
Euromoney March 2010
Latin America can be proud of coping well with the crisis but IDB delegates will also need to prepare for upcoming problems.
Euromoney March 2010
Governor Trichet must play it safe as markets fret about sovereign debt.
Euromoney March 2010
Public opprobrium for Goldman Sachs needs to be weighed against the magnificent returns it is making for shareholders.
Euromoney March 2010
Shifting assets to the banking book has limited many banks’ ability to actively manage their troublesome asset portfolios.
Euromoney March 2010
Two multi-billion-dollar telecom deals might well fail to indicate a boom in links between emerging markets and Africa.
Euromoney March 2010
Cuomo's allegations surrounding Bank of America's former and current heads are perplexing.
Euromoney March 2010
The focus on the role of Goldman Sachs in structuring currency and interest rate swaps for Greece a decade ago has highlighted the upside and downside of providing complex liability advice and trades to governments.
Euromoney March 2010
Euromoney March 2010
There is no easy way out of the overleveraged situation many governments have got into. A sovereign debt crisis looms, and not just for the most profligate.
Euromoney March 2010
The notion that “you can’t time the market” has somehow become received wisdom. It is, of course, nonsense. The experience of two very British institutions and some data analysis reveals the truth behind the cant.
Euromoney March 2010
The banking industry’s key challenge remains to stabilize its own sources of finance. Regulators and creditors have pressed banks to build their deposit gathering and extend the term of their market borrowings, with some policymakers calling for levies on non-deposit borrowings.
Euromoney March 2010
Euromoney March 2010
Euromoney March 2010
Finally someone in New York is giving the bankers a break.
Euromoney March 2010
Euromoney March 2010
As one fixed-income strategist, who had just passed on a great career opportunity because it wasn’t on his terms, told Euromoney last month: "Things seem to be pretty fluid in banking at present, another opportunity will come along soon. Fixed-income guys are in demand!" Fluid is the word.
Euromoney March 2010
Euromoney March 2010
Euromoney March 2010
