Regulation

Regulation

The battle to sketch the new face of global banking

Private placement market

Private placement market

Does Europe need its own?

April 2015

April 2015

How eurozone QE is reshaping the bond markets

Euromoney April 2015

If Europe’s economy remains in crisis, then someone please tell the bond markets. The ECB’s asset purchase programme has driven half of the EU’s sovereign debt pile into negative yield territory. And Draghi’s plan has only just started. Funds see little choice but to follow the QE monster on its path of destruction through the yield curve. Will that lead to the surreal outcome of all EU sovereigns yielding the same, regardless of credit quality?

Financial technology

The fintech entrepreneurs reshaping finance

The fintech entrepreneurs reshaping finance

Euromoney March 2015 euromoney.com

London is strutting its stuff as a world centre for fintech innovation to rival Silicon Valley and New York. The first-stage disruptors, challengers and innovators are now established and growing. Government and regulators want to build a better financial system and see technology as the key.


Finance: ripe for innovation

Euromoney April 2015

A host of new technology and new business models are aiming to transform the financial system. Many will fall by the wayside. But among them are potential winners that could be the Goldman Sachs or Nasdaq of the 21st century. Euromoney looks at the smart people and smart firms attempting to reshape finance.

Emerging markets

Emerging market debt: Punishing original sin

Emerging market debt: Punishing original sin

Euromoney April 2015

Emerging-market corporate debt – the fastest-growing asset class in the world – faces its first stress test, thanks to a surging dollar and rising US yields. As developing countries square up to another possible debt crisis, an increasingly inevitable round of corporate defaults threatens to swamp an illiquid market.


Emerging markets real estate: moving in for the long run

Euromoney April 2015

Property continues to be popular. The big sovereign wealth funds appreciate the long-term prospects of developing countries, and have the flexibility to chase opportunities across structures, markets and cycles.

Asia

The battle to bank Asia’s next corporate champions

The battle to bank Asia’s next corporate champions

Euromoney March 2015 euromoney.com

Having the largest and most successful corporations in Asia as clients brings prestige and profit to the banks involved, but just beneath the very top is where the fight for the spoils of the future is raging. How do you pick – and bank – Asia's next generation of corporate champions?


Asia: Patience pays off as Citic/CLSA makes its mark

Euromoney April 2015

Few thought that the marriage of a Chinese securities firm with an Asian brokerage which had a unique, and at times disruptive, culture could work. But two years on, Citic and CLSA have proved they can be at least the sum of their parts. Can the combination now become a true regional powerhouse as its leaders hope?

Digital banking: Electronic shock for China's old guard

Euromoney April 2015

Tencent and Alibaba are at the vanguard of setting up new online banks. It's a great way to shake up the old state players and, by mining their data, get credit ratings for China's underserved population. But do upstart tech companies really have the political and business resources to challenge the incumbents?

Africa

South Africa: Nene’s balancing act

South Africa: Nene’s balancing act

Euromoney April 2015

South Africa is plagued by slow growth and escalating debt levels. So how can the country’s new minister of finance, Nhlanhla Nene, get the economy moving again while balancing the budget?


Africa private equity debate: Realising Africa’s potential

Euromoney April 2015

The investment potential in Africa has long been discussed but finally the hype is turning into reality. Regional private equity firms are beginning to convert their local knowledge of Africa’s subcontinent into cash. But there are still many obstacles to establishing a thriving business in sub-Saharan Africa.

Banking

Hocher keeps cool as Crédit Agricole CIB hots up

Hocher keeps cool as Crédit Agricole CIB hots up

Euromoney April 2015

After years of restructuring, Crédit Agricole’s corporate and investment bank is tentatively showing the signs of stability and growth that the group’s crisis-weary shareholders have long sought. Maintaining this course may well prove just as tough.


Banking news

Fintech: SME financing – AMP teaches banks how to lend to their own customers

Fintech: SME financing – AMP teaches banks how to lend to their own customers

Euromoney March 2015 euromoney.com

Micro SMEs still cut off from bank finance; new way to lend against cash flow.


Wealth management: Private banks reconsider physical networks

Euromoney April 2015

Increased costs outweigh better revenues; technology will take time to repay investments.

Investment banking: SC Lowy eyes acquisition

Euromoney April 2015

Small Asian firm has big European ambitions; expands into debt capital markets.

Markets news

Negative CDS is within touching distance again

Negative CDS is within touching distance again

Euromoney April 2015

Negative bond yields herald negative CDS; investment grade and high yield diverge.


European corporates seize hybrid bond opportunity

Euromoney April 2015

QE drives all-in yields to historic lows; Hybrids now more attractive than triple-B corporates.

Structured credit: Rebirth of synthetic CDOs

Euromoney April 2015

Energy market volatility hits equity tranches; index dispersion at highest level since crisis.

US high yield pays a high oil price

Euromoney April 2015

Outflows of $2 billion in one week; investors seek shorter duration.

Electronifie combines lit and dark corporate bond trading

Euromoney April 2015

New trading system raises funds, prepares launch; 22 of top 50 asset managers signed up.

Asia news

Indian ECM volumes set to rise, while fees stay low

Indian ECM volumes set to rise, while fees stay low

Euromoney March 2015 euromoney.com

A number of eye-catching deals in the Indian market in 2015 are creating excitement for bankers about the potential pipeline of deals this year.


Banks diversify to support Asia’s corporate expansion

Euromoney April 2015

Increased working-capital efficiency and centralized treasury operations are freeing up the funds needed by Asia-based corporates to expand into new markets. This is pushing their banks to innovate with new treasury products and services.

Latin America samurai bonds set for comeback

Euromoney April 2015

New sovereign issuance hope; Pemex investor day piques interest.

Stock Connect: China shorting plan ‘needs more lenders’

Euromoney April 2015

The pool of approved stock lenders for the Shanghai-Hong Kong Stock Connect short selling scheme must be widened for the initiative to succeed, according to market experts.

Latin America news

Latin America: Ecuador’s double-digit poser

Latin America: Ecuador’s double-digit poser

Euromoney April 2015

Questions over funding needs; investors spot ‘whiff of desperation’.


Latin America: Oil drop prompts Mexico review

Euromoney April 2015

Growth rates revised downwards; investors still ‘cautiously’ optimistic.

Spotting the bottom in the Brazilian real

Euromoney April 2015

Falling real creates value; upturn predicted for 2016.

EEMEA news

Bank of Beirut fine adds to Lebanon woes

Bank of Beirut fine adds to Lebanon woes

Euromoney April 2015

UK levy shows increasing burden of regulatory scrutiny; concerns rise over banks’ access to dollar funding.


Iranian banks take to the courts

Euromoney April 2015

Mellat leads legal action against UK; lifting sanctions only half the issue.

South Africa: Property companies take a shine to Johannesburg

Euromoney April 2015

Tax regime to encourage market; JSE outstrips national growth.

Emerging Europe: Euro bond buyers flock to Balkan quartet

Euromoney April 2015

Bulgaria sells €3.1 billion record breaker; Slovenia prices 20-year deal inside Spain.

Comment

Banking model is still broken

Banking model is still broken

Euromoney March 2015 euromoney.com

Optimism over a possible rally in bank stocks will prove short-lived if banks cannot allocate capital to businesses with adequate and sustainable returns.


Share buybacks: Robbing Peter to pay Paul

Euromoney April 2015

Share buybacks artificially inflate executive pay and disguise its ultimate cost to businesses.

Asset management: Stressful times for investment houses

Euromoney April 2015

Asset management is being squeezed by tougher stress testing and regulatory controls. Only the biggest players seem set to survive.

Debt restructuring with Chinese characteristics

Euromoney April 2015

Critics may cry foul at the moral hazard but Beijing has bought itself time with its debt swap for local governments.

Columns

Macaskill on markets: Standard Chartered's Bill waits for the Fed's Janet

Macaskill on markets: Standard Chartered's Bill waits for the Fed's Janet

Euromoney April 2015

Bill Winters has some big decisions to mull while he prepares to start his new job as Standard Chartered chief executive.


Sideways: Masters 2.0 – Blythe and Bitcoin

Euromoney April 2015

Soon after Bill Winters was appointed CEO of Standard Chartered, his highest-profile protégé from their shared days at JPMorgan also announced a new job.

Banking and politics: Fat chance for the fat cats

Euromoney April 2015

A grilling from politicians can be murder for a bank chief executive. Your only hope is to get the murder board right in advance.

Against the tide: Glow of recovery in Europe

Euromoney April 2015

At times the ECB seems to lurk so far behind the curve that it appears to be using some sort of random monetary-policy generator.

Inside Investment: In truth, nobody knows

Euromoney April 2015

The pretence of knowledge is the curse of the financial world, especially when we live in such uncertain times. There are very few certainties left.


 
       
 

SELECTED CHAPTERS

Global: vibrant new hub for business and ideas in Beijing

Domestic companies: the gateway for China’s pioneering business leaders

International companies: a home from home for global brands in China

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