February 2012
January 2012
By industry standards, Hester deserved a bonus from RBS; by political imperative, he should never have agreed to accept it. But could this dreadful saga be a mere warm-up for bank bonus season in the UK and beyond?
February 2012
New strictures have breathed life into shadow banking – it now constitutes about a quarter of the global financial system – and regulators fear they have created a monster. But look closer and there's much more to this financial Frankenstein…
January 2012
It is hard to be optimistic about 2012. But much of the bad news is reflected in prices and a confluence of factors could yet provide support for equity markets and other risky assets.
February 2012
February 2012
February 2012
Amidst the fi nancial gloom of 2011, Asia was a
beacon of hope: Thailand’s markets remained
remarkably resilient, the dim sum market
approached maturity and depth, and there
were standout deals from India and China – but
Indonesia dazzled the most
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
With eurozone turmoil spilling over into
emerging Europe it took special skills, tenacity
and organization to get deals away
February 2012
February 2012
February 2012
February 2012
It was a year that many in banking would
like to forget. But adversity can be the
mother of invention and an impressive array
of transactions shone through the gloom:
evidence of the market’s resilience in the face
of everything macroeconomic headwinds can
throw at it
February 2012
February 2012
February 2012
February 2012
February 2012
Weak equities, developments in DCM and
intra-regional M&A trends make for an
interesting – if eclectic – mix of Latin American
deals of the year
February 2012
In the Middle East last year, borrowers sought
to diversify sources of fi nancing , while in Africa
new issuers added to the continent’s growing
recognition on global markets
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
For many in the capital markets, 2011 was a year to forget. But it’s in times of crisis that the best advisers come to the fore. Which deals hit the sweet spots over the past 12 months, when markets were like a box of chocolates – you never knew what you were going to get?
February 2012
February 2012
With public spending being cut, wealthy individuals are putting more of their philanthropic dollars to work through social-impact investing. Companies are being set up to provide advice and products, and the private banks need to get on board.
February 2012
February 2012
Barclays Wealth has reinvented itself in just five years. With the benefit of heavy investment, it has developed a unique model of interacting with clients – using behavioural finance. It is targeting only high-net-worth clients and expanding globally.
February 2012
February 2012
February 2012
February 2012
February 2012
Despite internationalization, local is still considered best when it comes to private banking advice. To find out why, Euromoney spoke to two of the sector’s leading figures.
February 2012
February 2012
February 2012
While global and regional banks lead the results in Euromoney’s private banking survey for Central and Eastern Europe, local specialist wealth managers are rising up the ranks in many countries.
February 2012
Local private banks in the Middle East are losing out as the region’s wealthy react to the Arab Spring.
February 2012
February 2012
The Spanish bank began its systematic wealth-management strategy in Latin America in 2007. It has paid off handsomely in our latest survey. But other banks are pushing hard to beat it.
February 2012
February 2012
To be the best, firms need positions of strength in the US, Europe and emerging markets. Being big in only two regions is no longer enough.
February 2012
A European sovereign debt crisis, looming bank regulation, volatile markets – 2011 was a challenging year for those managing money for the world’s wealthiest individuals. The heads of nine of the largest global private banks discuss how they are navigating the turbulence and what they expect of 2012.
February 2012
February 2012
Shift in investment approach; CDS index strategies explored
February 2012
February 2012
Dire economic data all round; But doubts persist on conditionality and future burdens
February 2012
EU infringement process launched; Orban backs down
February 2012
99.8% take-up of €7.5 billion deal; Positive sign for other eurozone lenders
February 2012
Lobbying intensifies over OTFs; Isda, BBA voice concern
February 2012
ECB injection lifts risk sentiment; Low-rate prospect boosts appeal
February 2012
UK and Hong Kong sign deal; London in leading position
February 2012
Opening for foreign investors will have only long-term effects; QFIs force for stability
February 2012
Appetite for deals beyond plain vanilla; Multiple deals marketing concurrently
February 2012
Lots of small deals for FIG bankers… But no big transformational ones
February 2012
Government pursues key reforms; Strikes spur energy-sector shake-up
February 2012
Low interest rates key factor; All eyes on Cementos Pacasmayo
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
VTB Capital accelerates expansion; Bhattal’s permanent replacement sought
February 2012
Taiwanese focus on Fujian; Hua Nan logical trailblazer
February 2012
February 2012
The State Oil Fund of Azerbaijan has always feared risk. Now it’s seeking higher yields, branching out into listed securities, real estate, gold and emerging market debt. But is this ultra-cautious fund really ready?
February 2012
February 2012
Brazil’s IPO market has been tarnished, so it’s imperative the first deal for 2012 is done with care and respect.
February 2012
February 2012
You may access the live stories on the relevant channel pages. The contents page will be created once everything is live. Click on the headline ('Dear reader') for a peek at what's to come.
February 2012
Refinancing options are running out for many European companies with looming debt maturities. Could the banks’ own funding problems finally precipitate the distressed debt opportunity this market has been waiting for? Or are the consequences of asset disposals too brutal for many banks to take?
February 2012
February 2012
February 2012
Private banks are looking to help clients move away from the greed-is-good mentality.
February 2012
At long last, investment bankers are bowing to the inevitable. Four years after the crisis, the industry is undergoing a much-needed transformation, as banks exit businesses they simply cannot make a return on. Bank chiefs are struggling to adapt to the new rules of the game. It should lead to an era of greater specialization and further consolidation.
February 2012
The business is consolidating rapidly and survivors might enjoy rising market share and healthier margins.
February 2012
The market’s almost hysterical reaction to the European Central Bank’s December three-year LTRO shows just how much funding pressure had built up among Europe’s banks in the second half of last year.
February 2012
David Einhorn’s £7.2 million ($11.3 million) fine by the UK’s Financial Services Authority for insider trading in Punch Taverns stock should make some hedge fund managers and investment bankers very afraid.
February 2012
US and European banks might soon do business in Myanmar, and could learn much from Indonesia and Vietnam’s transitions.
February 2012
February 2012
US Fed to incentivize investors; Single-family homes new asset class
February 2012
When David Einhorn was sanctioned by the UK’s Financial Services Authority at the end of January he was described in one newspaper profile as “self-effacing”, which was an odd phrase for a hedge fund manager who relishes the spotlight, at least by the standards of the industry.
February 2012
The ECB doesn’t have to take the same losses on Greek debt as the private sector – but it should.
February 2012
Until recently, European public-sector finance did not set the pulses racing. But as the latest sovereign downgrades hit home, some investors are shunning any SSA borrower with ‘Europe’ in its name. The days of boring old triple-A seem to be over.
February 2012
February 2012
February 2012
"Bankers are not going to repeat the errors of the past or buy 10-year bonds with three-year funding. Such a duration mismatch would ultimately be suicide"
February 2012
New strictures have breathed life into shadow banking – it now constitutes about a quarter of the global financial system – and regulators fear they have created a monster. But look closer and there's much more to this financial Frankenstein…
February 2012
January 2012
January 2012
January 2012
Europe’s leaders aren’t giving the currency what it needs: reform, fiscal discipline and international support.
January 2012
January 2012
City of London: The history;
David Kynaston;
Chatto & Windus
January 2012
January 2012
Bankers and corporate treasurers discuss what they are looking for from their relationships and the challenges of funding, the eurozone, Basle III and Sepa.
January 2012
January 2012
January 2012
It is hard to be optimistic about 2012. But much of the bad news is reflected in prices and a confluence of factors could yet provide support for equity markets and other risky assets.
January 2012
Banks face tough decisions on how hard they should fight to retain sales and trading market share in different sectors, as the great deleveraging drive of 2012 gets under way.
January 2012
January 2012
January 2012
Russia’s capital markets remain upbeat, despite negative forecasts from the IMF. Amid the eurozone crisis, market players see an opportunity for the country to prove itself as a developed and reliable financial centre. Bankers, investors and issuers discuss what needs to happen next.
January 2012
January 2012
More coals were heaped on the head of Johnny Cameron after the details in December’s FSA report on the failure of RBS revealed how little he appeared to understand the mechanics of structured credit when he was head of global banking and markets at the firm.
January 2012
January 2012
Country risk scores for Nigeria, Ghana, Gabon and Tanzania rose last year, with higher average-economic-outlook scores across the continent and a willingness in the international capital markets to finance African borrowers.
January 2012
So long as Asian markets remain risk-on bets to global portfolio managers, capital will continue to flee when things get bad elsewhere.
January 2012
Cost of protection under scrutiny as demand for risk transfer grows.
January 2012
Brazil has withstood the headwinds of the global economy. Bradesco’s solid strategic positioning will ensure it continues to benefit from the country’s increasing global strength.
January 2012
Brazil’s credit is strengthening, not just in relative terms as the US and European countries suffer downgrades, but in absolute terms: all three major rating agencies have increased the Republic of Brazil’s credit rating this year, the first of Dilma Rousseff’s administration.
January 2012
The global financial crisis in Europe and the US is not just being transmitted to emerging market companies through shifting demand from the developed world. Changing availability, liquidity and pricing of debt is having an impact on corporate finance options for companies in the emerging markets. Four senior corporate financiers at leading Brazilian companies discuss the practical impact of the current financial volatility.
January 2012
What had looked like a promising year for Brazilian share issues failed to live up to expectations.
January 2012
Brazil’s economy is facing new challenges, having come through the 2008 financial crisis virtually unscathed. The government’s apparent determination to push for continued growth is reviving fears of a rise in inflation.
January 2012
M&A activity is changing character, with the number of cross-border deals falling as Brazilian companies consolidate.
January 2012
Brazil needs huge sums to develop its infrastructure but long-term project finance is becoming harder to find as European banks pull back and the dominant role of development bank BNDES discourages local players.
January 2012
Times are tough for international investment banks attracted by the dynamic Brazilian market. The big local players have a tight grip on the business that they don’t intend to yield and may even soon be challenging the foreigners in other Latin American markets.
January 2012
Russia’s capital markets face a difficult future. Even if the will for change is there, it will be a long and difficult process.
January 2012
The country’s economic strengths are well documented, yet its position in Euromoney’s Country Risk rankings is surprisingly low, held back by weak bank scores and political risk.
January 2012
January 2012
Historians will judge 2011 as a year of crisis. Will 2012 be worse, more of the same, or an unexpected pick-up in the world’s economic fortunes? As politicians, business leaders and bankers gather in Davos for the World Economic Forum, we assess the risk factors in an increasingly fragile global economy and market.
January 2012
The European sovereign debt crisis and high debt in most of the developed world have been the main focus of global macroeconomic risks. But a big driver of global growth is demographics, which will weigh on productive capacity and on government finances.
January 2012
The US is part of an elite of highly indebted developed nations. Bond vigilantes have attacked some of the eurozone states but have largely ignored the US. As the eurozone sovereign debt crisis resolves itself, the US fiscal position will attract more scrutiny.
January 2012
Analysis by Ned Davis Research suggests apocalyptic predictions about financial markets in 2012 are unjustified. Eurozone Europe will lag, but much of the rest of the world can expect a pick-up.
January 2012
Will Europe’s leaders do enough to convince banks to finance its problem sovereigns through an ECB-led carry trade?
January 2012
IMF senior economist Manmohan Singh has become something of a celebrity since the summer. Several commentators have seized on his recent writings on collateralized lending, rehypothecation and the shadow banking system to make the case that the downfall of the financial system stems from the overleveraged, unregulated, off-balance-sheet shadow banking system. What Singh is saying, however, is that the shadow banking system is a necessary part of the monetary universe, and therefore something that regulators and policymakers must thoroughly understand if they are to have any success in improving economic performance. In an exclusive interview, Euromoney spoke to Singh as he prepared to celebrate Christmas in Washington DC.
January 2012
A look at 2011’s investment-banking business makes grim reading for banks fearing a further decline this year.
January 2012
January 2012
Compensation levels in the US show that most bank CEOs have yet to learn the meaning of the word restraint.
January 2012
When, in December, Brazil withdrew its IOF tax on foreign investments in Brazilian equities many breathed a sigh of relief – not just for the marginal benefits that the removal will have on the poorly performing Bovespa, but because it could be seen as the end of the currency wars. The rapid appreciation of emerging market currencies had led Brazil to introduce a range of capital controls aimed at stemming the capital inflows that pushed the real to $1.50.
January 2012
Malaysia’s best investment bank has its sights set across southeast Asia.
January 2012
CLSA stake and landmark deals show China could have an international investment banking champion.
January 2012
Like its home country, DBS wants to be an international hub for financial trading across Asia.
January 2012
Nigerian investment bank FBN Capital has high ambitions for international as well as domestic expansion.
January 2012
Taiwan’s leading financial services firm stands to benefit from its first-mover advantage across the Strait.
January 2012
Saudi base gives Islamic specialist a platform for regional expansion.
January 2012
Kuwait-based firm has big ambitions in the Gulf’s growing middle market.
January 2012
National Bank of Kuwait’s universal banking ambitions are closely tied to the growth of its investment banking and markets unit.
January 2012
From a dominant domestic position, Turkey’s top investment bank is also acting as a conduit for foreign investment in the country.
January 2012
India’s Religare wants to be a global emerging markets powerhouse. It remains a long way from that goal.
January 2012
As Renaissance Capital moves away from its Russian roots, is the firm now stretched too far or not stretched far enough?
January 2012
Standard Bank has reduced its global presence and seems set on concentrating on tapping investment flows into infrastructure-hungry Africa.
January 2012
January 2012
January 2012
January 2012
January 2012
January 2012
January 2012
VTB Capital has built a powerhouse capital markets business in Russia. Can it become just as influential elsewhere?
January 2012
Vienna Capital Partners believes that its unique selling point as a local, independent adviser across CEE gives it the upper hand in the face of international competitors.
January 2012
Controls boosting black market and run on banks; Venezuela-style parallel currency feared
January 2012
Australian banks ‘miss broader point’; Some blame issuers, others bookrunners
January 2012
Reputational risk of not calling evaporates; Investors shun aggressive terms
January 2012
Brazil is one of the largest and fastest growing emerging markets for investment banking. And the locals are coming out on top. The lesson for other emerging markets, they say, is to neutralize international banks’ claims over distribution to institutional investors.
January 2012
Rest of region outpaces traditional leader; Poor IPO performance blamed
January 2012
CNH volatility as currency expectations fade; China hits back with CNH-boosting policies
January 2012
Merges EM fixed income with FX; Shooter in, Weidmann out
January 2012
January 2012
Focus on asset allocation; Stockpickers punished by macro
January 2012
Issuance selection for 2012 starts to line up; Global names look to HK for Chinese capital
January 2012
Banks weigh shuttering ECM as volumes collapse; Much depends on UniCredit deal
January 2012
Depreciation eases concern over speculation; Internationalization might pressure euro
January 2012
ECB lets banks delever in orderly fashion; Bank bond issues might be scarce this year
January 2012
As the European bank-funding crisis pushes banks to fund themselves ever shorter-term, concerns are growing that collateral, the lifeblood of all secured borrowing, is running out. Can the shadow banking system ride to the rescue?
January 2012
Mary MacLeod jumped companies and cultures to join ICBC International as deputy CEO – and became the most powerful foreign banker in China, with an eye on global dominance. The pressure is on, but MacLeod isn’t showing it... yet.
January 2012
JPMorgan still top earner; Nomura fee income falls by 34%
January 2012
Prices ‘irrational’; profitability questionable; Much depends on avoiding European contagion
January 2012
Scarce collateral threatens funding; New systems complex and expensive
January 2012
The era of global investment banking is coming to an end. But financial trade involving and between developing markets will continue to grow. This gives a once-in-a-lifetime opportunity to firms based in those markets to build not just leading domestic franchises but also ones that can compete on a much broader scale. Which emerging market investment banks are best placed to take it?
January 2012
January 2012
Bank collapse weighs on fiscal health; Crisis spills over to Latvia
January 2012
Hires Dubai Credit Suisse team; CEE special situations push
January 2012
January 2012
January 2012
January 2012
January 2012
January 2012
January 2012
January 2012
As the government sells part of its stake in PKO BP, Poland’s biggest bank is benefiting from the troubles of rivals with their eurozone-based parents. Euromoney speaks to PKO BP’s chief executive about acquisitions and growth in new areas, such as investment banking and wealth management
January 2012
With developed markets stagnant, emerging nations hold the globe’s growth prospects. But can expansion in investment banking revenue in Russia keep up with Brazil or China?
January 2012
New government appointments in Saudi Arabia have sparked hopes that the Kingdom might adopt policies more oriented towards the private sector and foreign investment.
January 2012
In the words of a recent recruit – it’s the biggest bank you’ve never heard of. If you’re an investment banker in Russia, or even Turkey and Poland, that’s about to change. But can Sberbank, propelled by its acquisition of Troika Dialog, get anywhere close to fulfilling its potential?
January 2012
TurkDex introduces exchange-traded options; ISE head steps down
January 2012
You may access the live January stories on the relevant channel pages. The full contents page will be accessible once everything is live.
January 2012
January 2012
January 2012
January 2012
January 2012
January 2012
January 2012
January 2012
The shadow of economic gloom has fallen over output, while Basle III is playing havoc with the rulebook for funding. Success relies on access to US dollars, and losses will drive up prices – unless the rules can be changed or new players join the market
January 2012
January 2012
In a society obsessed with maximizing profit, Muhammad Yunus, Nobel Peace Prize winner and pioneer of microfinance through Grameen Bank in Bangladesh, has a new goal: to get business and finance to take off its ‘profit-maximizing glasses’ and think about its role in society instead
February 2012
February 2012
February 2012
Amidst the fi nancial gloom of 2011, Asia was a
beacon of hope: Thailand’s markets remained
remarkably resilient, the dim sum market
approached maturity and depth, and there
were standout deals from India and China – but
Indonesia dazzled the most
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
With eurozone turmoil spilling over into
emerging Europe it took special skills, tenacity
and organization to get deals away
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
In the Middle East last year, borrowers sought
to diversify sources of fi nancing , while in Africa
new issuers added to the continent’s growing
recognition on global markets
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
February 2012
For many in the capital markets, 2011 was a year to forget. But it’s in times of crisis that the best advisers come to the fore. Which deals hit the sweet spots over the past 12 months, when markets were like a box of chocolates – you never knew what you were going to get?
February 2012
February 2012
With public spending being cut, wealthy individuals are putting more of their philanthropic dollars to work through social-impact investing. Companies are being set up to provide advice and products, and the private banks need to get on board.
February 2012
February 2012
Barclays Wealth has reinvented itself in just five years. With the benefit of heavy investment, it has developed a unique model of interacting with clients – using behavioural finance. It is targeting only high-net-worth clients and expanding globally.
February 2012
February 2012
February 2012
February 2012
February 2012
Despite internationalization, local is still considered best when it comes to private banking advice. To find out why, Euromoney spoke to two of the sector’s leading figures.
February 2012
February 2012
February 2012
While global and regional banks lead the results in Euromoney’s private banking survey for Central and Eastern Europe, local specialist wealth managers are rising up the ranks in many countries.
February 2012
Local private banks in the Middle East are losing out as the region’s wealthy react to the Arab Spring.
February 2012
February 2012
The Spanish bank began its systematic wealth-management strategy in Latin America in 2007. It has paid off handsomely in our latest survey. But other banks are pushing hard to beat it.
February 2012
February 2012
To be the best, firms need positions of strength in the US, Europe and emerging markets. Being big in only two regions is no longer enough.
February 2012
A European sovereign debt crisis, looming bank regulation, volatile markets – 2011 was a challenging year for those managing money for the world’s wealthiest individuals. The heads of nine of the largest global private banks discuss how they are navigating the turbulence and what they expect of 2012.
February 2012
February 2012
Shift in investment approach; CDS index strategies explored
February 2012
February 2012
EU infringement process launched; Orban backs down
February 2012
99.8% take-up of €7.5 billion deal; Positive sign for other eurozone lenders
February 2012
Lobbying intensifies over OTFs; Isda, BBA voice concern
February 2012
ECB injection lifts risk sentiment; Low-rate prospect boosts appeal
February 2012
UK and Hong Kong sign deal; London in leading position
February 2012
Opening for foreign investors will have only long-term effects; QFIs force for stability
February 2012
Appetite for deals beyond plain vanilla; Multiple deals marketing concurrently
February 2012
Lots of small deals for FIG bankers… But no big transformational ones
February 2012
Low interest rates key factor; All eyes on Cementos Pacasmayo
February 2012
February 2012
February 2012
February 2012
February 2012
VTB Capital accelerates expansion; Bhattal’s permanent replacement sought
February 2012
Taiwanese focus on Fujian; Hua Nan logical trailblazer
February 2012
February 2012
The State Oil Fund of Azerbaijan has always feared risk. Now it’s seeking higher yields, branching out into listed securities, real estate, gold and emerging market debt. But is this ultra-cautious fund really ready?
February 2012
February 2012
Brazil’s IPO market has been tarnished, so it’s imperative the first deal for 2012 is done with care and respect.
February 2012
February 2012
Refinancing options are running out for many European companies with looming debt maturities. Could the banks’ own funding problems finally precipitate the distressed debt opportunity this market has been waiting for? Or are the consequences of asset disposals too brutal for many banks to take?
February 2012
February 2012
February 2012
Private banks are looking to help clients move away from the greed-is-good mentality.
February 2012
At long last, investment bankers are bowing to the inevitable. Four years after the crisis, the industry is undergoing a much-needed transformation, as banks exit businesses they simply cannot make a return on. Bank chiefs are struggling to adapt to the new rules of the game. It should lead to an era of greater specialization and further consolidation.
February 2012
The business is consolidating rapidly and survivors might enjoy rising market share and healthier margins.
February 2012
The market’s almost hysterical reaction to the European Central Bank’s December three-year LTRO shows just how much funding pressure had built up among Europe’s banks in the second half of last year.
February 2012
David Einhorn’s £7.2 million ($11.3 million) fine by the UK’s Financial Services Authority for insider trading in Punch Taverns stock should make some hedge fund managers and investment bankers very afraid.
February 2012
US and European banks might soon do business in Myanmar, and could learn much from Indonesia and Vietnam’s transitions.
February 2012
February 2012
US Fed to incentivize investors; Single-family homes new asset class
February 2012
When David Einhorn was sanctioned by the UK’s Financial Services Authority at the end of January he was described in one newspaper profile as “self-effacing”, which was an odd phrase for a hedge fund manager who relishes the spotlight, at least by the standards of the industry.
February 2012
The ECB doesn’t have to take the same losses on Greek debt as the private sector – but it should.
February 2012
Until recently, European public-sector finance did not set the pulses racing. But as the latest sovereign downgrades hit home, some investors are shunning any SSA borrower with ‘Europe’ in its name. The days of boring old triple-A seem to be over.
February 2012
February 2012
February 2012
"Bankers are not going to repeat the errors of the past or buy 10-year bonds with three-year funding. Such a duration mismatch would ultimately be suicide"
February 2012
New strictures have breathed life into shadow banking – it now constitutes about a quarter of the global financial system – and regulators fear they have created a monster. But look closer and there's much more to this financial Frankenstein…
February 2012
January 2012
January 2012
Europe’s leaders aren’t giving the currency what it needs: reform, fiscal discipline and international support.
February 2012
David Einhorn’s £7.2 million ($11.3 million) fine by the UK’s Financial Services Authority for insider trading in Punch Taverns stock should make some hedge fund managers and investment bankers very afraid.
February 2012
When David Einhorn was sanctioned by the UK’s Financial Services Authority at the end of January he was described in one newspaper profile as “self-effacing”, which was an odd phrase for a hedge fund manager who relishes the spotlight, at least by the standards of the industry.
January 2012
Banks face tough decisions on how hard they should fight to retain sales and trading market share in different sectors, as the great deleveraging drive of 2012 gets under way.
January 2012
More coals were heaped on the head of Johnny Cameron after the details in December’s FSA report on the failure of RBS revealed how little he appeared to understand the mechanics of structured credit when he was head of global banking and markets at the firm.
