Navigating Africa’s disparate markets

Navigating Africa’s disparate markets

Simplifying the investment process

Leveraged finance

Leveraged finance

Between a rock star and a hard place

January 2015

January 2015

Regulation: Banking's next big hits

Euromoney January 2015

Regulation now utterly dominates the banking industry and will have an even bigger impact in 2015, not just on bank capital and returns but on the entire legal structure of the industry.

Correspondent banking

Correspondent banking: Clear & present danger

Correspondent banking: Clear & present danger

Euromoney January 2015

A barely noticed bank rescue in the Seychelles should be a warning to all. As the cost of compliance and enforcement risk drives global firms to cut back their correspondent networks, many banks are in danger of losing the vital lifeblood of a dollar-clearing partner.


Banks search for dollar alternatives

Euromoney January 2015

The ferocity with which US regulators have pursued HSBC, Standard Chartered, Barclays, ING and most recently BNP Paribas for breaching sanctions, and the seemingly limitless fines violators have been hit with, speaks to a tightening of control and intensive monitoring of dollar clearing.

Emerging Europe

Russia risks derailing banks’ regional plans

Russia risks derailing banks’ regional plans

Euromoney January 2015

As Europe has stagnated since the financial crisis, Russia proved an invaluable source of returns for a handful of lucky western banking groups. But with Putin on the offensive, the rouble on the slide and recession on the horizon, its days as an engine of regional growth look to be over.


Regulation

Regulation: EU-US tensions remain over leverage ratio

Regulation: EU-US tensions remain over leverage ratio

Euromoney January 2015

US officials are waging a war to promote the leverage ratio as a binding constraint on banks’ capital frameworks, further imperilling strategic planning for cross-border lenders.


The next regulatory battle: bank structures

Euromoney January 2015

From the Volcker Rule to the EU’s proposed ring-fencing, inconsistent rules on bank structures, both within the EU and between the US and Europe, are the latest threat to the global banking model.

Thomas Hoenig interview: Battle against too-big-to-fail fragments banking

Euromoney January 2015

Haunted by the global crisis, policymakers from the US to the UK are erecting national barriers and waging a war against too-big-to-fail banking. Vice-chairman of the Federal Deposit Insurance Corp Thomas Hoenig defends the drive toward balkanization.

Technology

Municipals: ripe for disruption?

Municipals: ripe for disruption?

Euromoney January 2015

Want to see improvements to your town or city? Don’t just rely on municipal budgets. New crowdfunding sources are springing up. The disruptors even have municipal bond markets in their sights.


Review of the year

2014: a year in data

2014: a year in data

Euromoney January 2015

Throughout 2014, Euromoney’s Research Group was constantly monitoring the views and opinions of market participants via our benchmark rankings, pulse surveys and Euromoney Country Risk service.


Transaction services

Banks search for certainty on liquidity rules

Banks search for certainty on liquidity rules

Euromoney November 2014 euromoney.com

The deadline is approaching for the Basel intraday liquidity rules. But without a defined set of procedures, and concerns around costs, banks are moving forward reluctantly.


Emerging Europe

Pulse survey: CEE corporates eye domestic bond growth

Pulse survey: CEE corporates eye domestic bond growth

Euromoney January 2015

As 2014 came to an end Euromoney Research Group asked corporate funding officials for their views on key topics affecting companies in Central and Eastern Europe. From the fraught situation in Ukraine to plans for seeking international credit ratings, find the exclusive results of the survey here.


Corporates face long shadow of Ukraine

Euromoney January 2015

The crisis in Ukraine shows no sign of abating and its impact is being felt across the rest of emerging Europe. Phil Bennett, deputy head of the European Bank for Reconstruction and Development, explains why this is bad news for the region’s companies and what multilaterals can do to help.

Hungary tells banks: shape up or ship out

Euromoney January 2015

Foreign banks are finding it hard to make their operations in Hungary pay. They say they are still committed to the country. So what will they make of the finance minister’s public call for consolidation?

Africa

Africa: Regional dreams spur banks and their clients

Africa: Regional dreams spur banks and their clients

Euromoney January 2015

Many of South Africa’s leading companies see a once-in-a-generation chance to build businesses across the continent. Banks in South Africa spy an opportunity too, by growing around the region alongside their clients. Can they make the most of it?


Banking news

Bank capital: AT1 supply surges, while TLAC raises concerns

Bank capital: AT1 supply surges, while TLAC raises concerns

Euromoney January 2015

New AT1 deals from Chinese and UK challenger banks; TLAC securities “must appeal to fixed income investors”


Investment banks pile into big data analytics

Euromoney January 2015

Goldman invests in big data analytics platform; Deutsche makes key hires in analytics and data.

Private banking: Foreign firms target US wealth clients

Euromoney January 2015

US wealth to reach $54 trillion by 2018; European banks expand their efforts

Markets news

US high-yield feels full force of oil price collapse

US high-yield feels full force of oil price collapse

Euromoney December 2014 euromoney.com

Some parts of the US market are ‘carnage’; energy bond maturity wall is not due until after 2017.


M&A: Energy consolidation on cards as oil price tanks

Euromoney January 2015

M&A needs to be long term; Corporates under pressure to re-lever

Clearing: European banks weigh up US dollar clearing options

Euromoney January 2015

US fines provoke re-assessment; Dollar clearing in Europe considered

'Super-systemic' CCPs need a TLAC of their own

Euromoney January 2015

If forthcoming regulation fails to guarantee robust loss-absorbing capacity at central clearing counterparties (CCPs), their increasing systemic importance could usher in a new generation of organizations that are too big to fail.

Bank intraday tools get mixed reception

Euromoney January 2015

Corporate treasurers and asset managers are turning to innovative predictive tools that help identify FX volatility and liquidity opportunities, bankers say. However, not everybody on the buy side is convinced the new solutions are for them.

Asia news

China sprouts green shoots in securitization

China sprouts green shoots in securitization

Euromoney December 2014 euromoney.com

A flurry of new deals points to an exciting new business possibility for Apac banks in 2015.


Stock Connect dominates Asian equities at turn of year

Euromoney January 2015

Stock Connect, dark liquidity, Japan's reflationary bid and Beijing's policy direction dominated the Asian equity landscape in 2014 and set the stage for 2015.

Rise of RMB trading shows little sign of slowing in 2015

Euromoney January 2015

Despite depreciation risk next year, amid the global currency war, market players say the battle between RMB offshore financial hubs and trading volumes will go from strength to strength.

Latin America news

Petrobras shuts Brazil out of international markets

Petrobras shuts Brazil out of international markets

Euromoney January 2015

Corruption scandal stymies bond issues; Lack of supply may set stage for others


Chile: Banks aim to repeat prosperous 2014

Euromoney January 2015

Reforms will not require more capital; More challenging year ahead

The year of energy-induced recession in Brazil?

Euromoney January 2015

Rationing increasingly possible; Stagnant economy slowed consumption

EEMEA news

Libya: Goldman must open its LIA books

Libya: Goldman must open its LIA books

Euromoney January 2015

Judge rules profits must be explained; 28 people to have their email searched.


Central Asia: Tajikistan begins road to debut bond

Euromoney January 2015

Sovereign signs up for credit rating; Multilaterals aim to boost banking sector

Africa debt: Ethiopia tops off banner year for sovereigns

Euromoney January 2015

African DCM beoming more sophisticated; Debt sustainability a concern

Baltics: Lithuania seeks solace in eurozone

Euromoney January 2015

Single currency set to cut debt costs; Diversifying trade from rampant Russia

Comment

TLAC: Fears for tiers

TLAC: Fears for tiers

Euromoney January 2015

As 2015 dawns, senior bankers are still poring over the implications of the Financial Stability Board’s proposals to boost their total loss absorbing capacity (TLAC) to ensure that beyond common equity, Additional Tier 1 capital and Tier 2 subordinated debt, banks still have enough liabilities on which losses can be imposed in the event of a failure so that taxpayers never again have to bail them out.


Emerging markets brace for stress test

Euromoney January 2015

Emerging market fixed-income and FX markets are poised for a third year of volatility thanks to a slowing China, strengthening dollar, lower oil prices, and the prospect of a US rate hike. The shortage of investable high yielders, as well as the declining creditworthiness of the likes of Russia and Venezuela, will also bedevil markets.

Private banking: Suitors for Coutts

Euromoney January 2015

Coutts International has plenty of attractive assets to offer its many possible new owners. Julius Baer looks the best fit.

SWFs: not so dumb after all

Euromoney January 2015

Middle Eastern sovereign wealth funds had to endure plenty of criticism for their investments in western banks during the financial crisis. They are looking far smarter now.

Columns

Macaskill on markets: Sunset approaches for the Sun King

Macaskill on markets: Sunset approaches for the Sun King

Euromoney January 2015

When JPMorgan CEO Jamie Dimon delivered the welcome news to employees that he had been given the all clear after a recent bout of throat cancer, senior managers in attendance rose to applaud.


Against the tide: Italy is a boiling frog

Euromoney January 2015

Time is running out for Italy to make the reforms it needs to produce a self-sustaining recovery.

Inside investment: Oil – let it flow, let it flow

Euromoney January 2015

Markets ended 2014 beset by fear. Deflation is now a global concern and the doomsayers see rapidly falling commodity prices as the canary in the coalmine. But the nattering nabobs of negativism are wrong.

Off message: Introducing Ana, the new chair of Santander…

Euromoney January 2015

You’d have thought the new CEO of Santander needed little introduction. But Ana Botín’s advisers have played a cannily surgical game… so far.

Front end

Community banking, RBS-style

Euromoney January 2015

Paradise at half the price

Euromoney January 2015

Christmas customs come unstuck

Euromoney January 2015

2014: a year in numbers

Euromoney January 2015

Quotes of the month

Euromoney January 2015

Off the record

Euromoney January 2015