December 2010
| Euromoney December 2010 All the global banks claim that their emerging markets businesses are among the most important drivers of revenue growth. Yet how committed are they? One way of assessing the seriousness of their claims is through the lens of their personnel. Sudip Roy investigates just how many emerging market investment bankers are reaching the top of the industry. |
Euromoney December 2010
When one bank pitched a fee of one one-millionth of a percent to be a bookrunner on the landmark Coal India IPO, every other lead manager had to accept the same level. Even officials at the issuer weren’t happy with the economics of the deal. But such is the way of Indian equity capital markets, as Chris Wright reports.
Euromoney December 2010
The Federal Reserve’s first huge injection of liquidity surely helped avoid a horrible depression. The outcome of this second phase is more doubtful. If unemployment is structural, the Fed’s effort might be wasted. Worse, it might be inflating asset bubbles once again. Peter Lee reports.
Euromoney December 2010
The pressure of money weighing on the high-yield and leveraged loan market has given rise to the kind of market excess that optimists thought would not be seen again for a very long time. Can the cycle really be set to repeat itself so soon? Louise Bowman reports.
Euromoney December 2010
It is a business about volume and innovation, making Asia a prime target. Multinationals are investing to tap busy markets, while some of Asia’s leading corporates want to go global. Laurence Neville reports.
Euromoney December 2010
Nigeria’s impending dollar sovereign bond comes at a time when demand for African sovereign paper exceeds supply. African states are cautious about entering the capital markets despite the many good reasons for issuance. Nick Kochan reports.
Euromoney December 2010
Arminio Fraga and his partners have just sold asset management firm Gávea to JPMorgan’s Highbridge Capital Management. The deal for the Brazilian company is staggered over five years, and crucial to it is that Fraga will continue to lend his expertise for at least that long. Fraga talks to Rob Dwyer about the firm’s strategies, the deal with JPMorgan and Brazil’s economic prospects.
Euromoney December 2010
As the G20 seeks to install a permanent resolution mechanism to enable burden sharing between the private and public sectors in any future financial crisis, investors and banks are in a state of flux. Pricing bank debt securities that convert into equity in times of stress is problematic, if they are investable at all. Hamish Risk reports.
Euromoney December 2010
There are welcome signs of a recovery of the US IPO market. But an underlying trend is the continuing decline in the number of market debuts by small-cap and technology companies. Is the entrepreneurial motor of the US seizing up? Helen Avery reports.
Euromoney December 2010
Despite attractive yields and improved turnover in a few prime markets, the European commercial real estate recovery remains tentative as supply and finance constraints continue to restrict activity. However, bright spots are emerging for funds that have been able to put the worst of the debt crisis behind them. Joti Mangat reports.
Euromoney December 2010
Bank Leumi might soon have a new owner. But as the government sells its controlling stake in Israel’s biggest bank, Leumi might instead be left without any controlling shareholder. Dominic O’Neill questions the finance minister and central bank over the role of Israel’s banking tycoons.
Euromoney December 2010
One year on from the revelation of Dubai World’s debt problems the emirate is looking to the foundations of its prosperity – its position as a trade, transport and services hub – for recovery. Can Dubai trade its way out of trouble? Dominic Dudley reports.
Euromoney December 2010
New FIG chief William Fall is building on bank’s DCM and structuring strengths; Bank sees business opportunity arising from its own traumas
Euromoney December 2010
Ultra wealthy not the key for revenue; Case for open architecture looks flawed
Euromoney December 2010
Regulators have sparked a new dash to raise capital; The outlook for earnings and returns is unclear
Euromoney December 2010
Collective action clauses introduced; Markets fail to take any comfort
Euromoney December 2010
Swiss finish boosts speculation; Credit Suisse, Barclays in frame
Euromoney December 2010
Will the BAB programme be renewed?; California deal shows signs of relief
Euromoney December 2010
Loses key personnel; Still maintains ambition to be top FX house
Euromoney December 2010
Banks begin issuing, trading new instruments; Sources fear regulators disagree on implementation
Euromoney December 2010
Threatens UBS dominance in core IB revenue; Still lags competitors in Australia
Euromoney December 2010
Euromoney December 2010
Private sector spend up 12-fold; IDFC plans to triple loans
Euromoney December 2010
BR Partners breaks into top-five Brazilian advisers; Firm seeking investment banking licence
Euromoney December 2010
Bank postpones R$500 million issue; Other banks and corporates persist
Euromoney December 2010
Development bank does not want to grow credit book; Bonds expected to take bigger role in project finance
Euromoney December 2010
Investor points to Uruguay, Dominican Republic; Bullish on Argentine sovereign debt
Euromoney December 2010
Recent share sales raise hopes of 2011 IPO bonanza; Kazakh bank debt remains risky proposition
Euromoney December 2010
Restricts options for other distressed investment firms; Creditors approve Aref and Ayaan restructurings
Euromoney December 2010
All Nigerian banks to benefit; Banks contribute to sinking fund
Euromoney December 2010
Candidacy status next year; Tax and graft reforms pay dividends
Euromoney December 2010
It’s good news for bondholders and shareholders that companies are awash with cash: it’s bad news for everyone that they can find nothing better to do with it than buy back their own shares.
Euromoney December 2010
Inter-emerging markets deals are on the increase. Some global investment banks will be hard pressed to get a look-in.
Euromoney December 2010
Issuers and underwriters are braced for more structured credit litigation.
Euromoney December 2010
Could lower interest rates give lift-off to Brazil’s economy? And how might they be achieved?
Euromoney December 2010
Banks’ competition to write mortgage business is putting pressure on Israel’s Green Line.
Euromoney December 2010
Neither side appears to be gaining from Sino-foreign securities joint ventures.
Euromoney December 2010
December is a month for reflection: reflection on what has passed and what might happen.
Euromoney December 2010
The widening insider-trading probe in the US is creeping closer to systemically important financial market players, as subpoenas have been received by hedge funds SAC and Citadel and two big mutual funds: Wellington Management and Janus Capital.
Euromoney December 2010
Recent insider-trading investigations in the US and the UK have focused on bit players by financial market standards. The three hedge funds raided in the US are low-profile firms. Don Chu, the expert network official charged with channelling confidential corporate information, was described in the case against him as a New Jersey resident paid $6,000 a month by his research firm employer – peanuts to a Wall Street player.
Euromoney December 2010
During the financial crisis big became synonymous with bad. But in pensions management super-sizing can seriously increase your wealth.
Euromoney December 2010
The Irish government has been forced to take drastic steps that will cause short-term suffering. But its approach is one that other countries might later regret not having adopted.
Euromoney December 2010
Bank debt bail-ins have prompted fierce debate in the banking industry and among fund managers. Spend time in the company of a bank-funding official or an investor in bank debt and it doesn’t take long for them to get a little hot under the collar.
Euromoney December 2010
Clive Horwood, Euromoney’s editor, remembers one of the finest individuals – let alone bankers – he has had the pleasure to know.
Euromoney December 2010
Brazil is riding high on the economic gains of the past few years, with its membership of the elite of developing nations confirmed. But some have concerns about the direction the country will take under new president Dilma Rousseff.
Euromoney December 2010
Petrobras’s recent record-breaking fundraising, which brought in a useful $70 billion, seems in some ways symbolic of Brazil’s bright prospects. Yet the issue was also controversial, providing further evidence for those who believe the role of the state in the Brazilian economy is too large and set to increase.
Euromoney December 2010
Praised for their role during the global financial crisis, Brazil’s state-owned banks now face calls to allow the private sector a larger role in lending and financing.
Euromoney December 2010
Euromoney December 2010
Euromoney December 2010
Euromoney December 2010
Euromoney December 2010
Euromoney December 2010
