Leveraged finance

Leveraged finance

Between a rock star and a hard place

Leveraged finance

Leveraged finance

The threat to corporate America

October 2012

October 2012

Corporate bond market: The new liquidity trap

Euromoney October 2012

The liquidity-starved corporate bond market desperately needs to find a post-regulation equilibrium. Banks just can’t commit capital to market-making. So the smarter investors are looking at ways of delivering it themselves

Regulation

Mark Carney: Finance’s new statesman

Mark Carney: Finance’s new statesman

Euromoney October 2012

Regulators have regained their reformist muscle in the shape of Mark Carney, Bank of Canada governor and chairman of the Financial Stability Board. In a wide-ranging interview, Carney talks about recent banking scandals, the Volcker Rule, and why fears about Basle III are wide of the mark.


Debt markets

US DCM: Where credit's at

US DCM: Where credit's at

Euromoney October 2012

Low rates for borrowers and investors’ search for yield are hardly new phenomena. But suddenly, in the US, the two have combined to create feverish bond market activity for local and foreign issuers alike. How long can the DCM boom last?


Transaction banking

Cash management survey 2012: No sign of the cash cow drying up

Cash management survey 2012: No sign of the cash cow drying up

Euromoney October 2012

Despite the constraints of some banks’ reorganization and forced restructuring, as well as prolonged low interest rates, transaction banking has become a vital contributor to revenues. Those with a strong presence in the business would like to push harder still.


Cash management survey 2012: Results index

Euromoney October 2012

Euromoney surveys cash managers, treasurers and financial officers worldwide. This is the most comprehensive guide to the cash management arena in the market.

Credit trading

Credit trading survey 2012: Leaders in lean times

Credit trading survey 2012: Leaders in lean times

Euromoney October 2012

Deutsche Bank, JPMorgan and Barclays continue to slug it out at the top of the market-share tables for crisis-hit credit trading. But when it comes to quality over quantity, RBC Capital Markets is the firm to watch.


Asia

India's identity crisis

India's identity crisis

Euromoney October 2012

India’s business leaders are increasingly concerned about the will of its political elite to drive economic growth. They see a country trapped between its past and its present, and a financial system that is quickly losing its reputed potential to be a leading global market. What can stop the rot?


Purisima drives down the road to reform

Euromoney October 2012

The Philippines’ secretary of finance, Cesar Purisima, has a reputation for probity that has reached street level. And he is determined to rapidly advance economic growth through the encouragement of entrepreneurship, the development of capital markets and increased regional integration.

Latin America

Peru: Latin America’s outperformer

Peru: Latin America’s outperformer

Euromoney October 2012

Peru is seemingly oblivious to the regional and global slowdown. Despite his country’s economic vitality, Julio Velarde, governor of the Peruvian central bank, is keeping a wary eye on a darker global horizon.


Foreign exchange

FX: Deutsche's need for speed

FX: Deutsche's need for speed

Euromoney October 2012

Top-ranked foreign exchange house Deutsche Bank aims to consolidate its leadership with a new twist on APIs. Rivals say the development is spin rather than substance. In a market where technology plays such a vital role, they’ll be hoping they’re right.


Emerging Europe

Société Générale: Czechs & balances

Société Générale: Czechs & balances

Euromoney October 2012

A risk-aware strategy has allowed Société Générale’s operations in central and eastern Europe to perform relatively well overall since 2008. But its portfolio is a mix of good and bad, big and small businesses. And after the eurozone crisis, does the French bank have what it takes to achieve its ambitions in the region?


Banking news

Deutsche Bank: Jain gets tough on pay

Deutsche Bank: Jain gets tough on pay

Euromoney October 2012

Deutsche set for heavy cost-cutting; Sets new 12% ROE target


Alternatives: Crowdfunding fills small-business loan void

Euromoney October 2012

Small banks reduce lending by $100 billion; Crowdfunders join banks to source loans

Debt capital markets: Nordic corporates turn away from banks

Euromoney October 2012

Basle III forcing structural shift; SME sector key growth segment

Markets news

RBC launches first SEC-registered covered bond

Euromoney October 2012

Broader investor base spurs historic issue; Other foreign banks to follow suit

Credit markets: Europe’s new sub-investment-grade asset class

Euromoney October 2012

Loans and bonds managed together; Senior secured credit broadens buyer base

Bank lending: BoE fuels mortgage, not corporate, lending

Euromoney October 2012

FFL scheme cannibalizes ABS; SME lending remains elusive

Foreign exchange: RavenPack targets FX hedgies

Euromoney October 2012

Service enables trading on news; High-end product will eventually reach retail

Foreign exchange: Future of cost analysis is 24/7

Euromoney October 2012

Daily cost analysis coming; Protects against client litigation

Asia news

Capital markets: Asia hits a bright spot after gloomy start

Euromoney October 2012

Flurry of deals pushed through; IPO revival ‘could be derailed’

Standard Chartered’s future back in focus

Euromoney October 2012

Bank enjoys structural bull run; Temasek sale easier said than done

India re-opens for business after unravelling a new set of market reforms

Euromoney October 2012

India’s new market reforms and privatization drive have started a debate about whether Asia’s third-largest economy is poised for a rebound.

Latin America news

Debt capital markets: Brazil DCM is no longer a darling abroad

Debt capital markets: Brazil DCM is no longer a darling abroad

Euromoney October 2012

Sovereign/high-grade still have international appeal; High-yield issuers relying on domestic debenture boom


Brazil: Failure demonstrates pressure on small banks

Euromoney October 2012

Cruzeiro del Sul’s liquidation damages central bank’s reputation; Scrutiny ‘will unveil irregularities’

DCM: Latin American issuers attract record crowds

Euromoney October 2012

Mexichem demand remarkable; Brazil economy slows; still dominant

EEMEA news

Emerging Europe: Sberbank offering lifts ECM hopes

Euromoney October 2012

State raises $5.2 billion; Clears way for Promsvyazbank, VTB

Lithuania joins list of CEE Swissie issuers

Euromoney October 2012

Investors look to triple-B for yield; Corporates to follow sovereigns’ lead

Middle East: Banks act against Dubai Financial Group

Euromoney October 2012

$10 billion debt restructuring; New stage for Dubai Inc workout

Africa: Zambia issues debut Eurobond

Euromoney October 2012

Prices at 5.625%; Issuance increased to $750 million

South Africa: Mining tragedy weighs on corporate finance

Euromoney October 2012

Moody’s downgrades sovereign; Urge to broaden employee shareholding

Columns

Padraic Fallon

Padraic Fallon

Euromoney October 2012 Euromoney.com

Padraic Fallon, Euromoney Institutional Investor’s chairman and editor-in-chief, has died at the age of 66. Euromoney’s editor Clive Horwood remembers a true legend of financial journalism, reviews the legacy he has created and recalls the qualities that made Fallon such a unique and successful person.


Padraic Fallon 1946–2012: A life in friendship

Euromoney October 2012

Market leaders

Regulation: The lobby for leverage

Regulation: The lobby for leverage

Euromoney October 2012

Regulators seem to have the upper hand in the battle over bank leverage ratios.


Deutsche’s crash diet

Euromoney October 2012

Jain and Fitschen will hope to find new strength around a core of fixed income, transaction banking and AWM.

Put spring back in Arab Bank’s step

Euromoney October 2012

The resignation of the Shoman family could herald a turning point for the pan-Arab lender.

CEO succession: Getting sentimental about Goldman

Euromoney October 2012

As Wall Street praises the departing Goldman Sachs CFO, questions about the CEO succession start to loom.

Redundancies: FICC primed for cuts

Euromoney October 2012

Leading banks are slashing jobs. FICC looks likely to bear the brunt.

Front end

Zurich Financial wins the Ryder Cup!!

Euromoney October 2012

Colombia: Walking the walk

Euromoney October 2012

Santander funds feeding frenzy: Tortilla

Euromoney October 2012

Woody: you’re hired!

Euromoney October 2012

Acronyms: Swag bagged

Euromoney October 2012

Quotes of the month

Euromoney October 2012

Off the record

Euromoney October 2012