Santander:

Santander:

Ana Botín’s whirlwind start

Capital Markets Union green paper

Capital Markets Union green paper

CMU is about complementing the role of banks, not displacing them


Building out Latin America's bond markets

Building out Latin America's bond markets

February 2015

The region’s local debt markets are at a crucial point. International interest is growing. Investment banks are building up. But with one exception, domestic supply and demand remains limited. Can other countries follow Mexico’s lead? Euromoney investigates the dynamics of Latin America’s main bond markets.



Renewable energy: Africa’s light at the end of the tunnel?

Renewable energy: Africa’s light at the end of the tunnel?

March 2015 | Sponsored by FBN Capital

The sheer scale of energy demand in Africa rather than the environmental impact of fossil fuels should be the crucial driver of energy policies on the continent.

More from FBN Capital
It’s not enough to convince Syriza – the EU must win over the Greek people

It’s not enough to convince Syriza – the EU must win over the Greek people

March 2015 | Sponsored by VTB Capital

EU policymakers need to speak directly to the Greek people – and those of Spain, Portugal and Ireland – and convince them that they have a vision for the eurozone that includes them as equals, not serfs.

More from VTB Capital

Asia

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

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

March 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?


The battle to bank Asia’s next corporate champions

March 2015

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?

Indian ECM volumes set to rise, while fees stay low

March 2015

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.

Haitong sets out its stall after BESI buy

March 2015

The investment banking arm of Banco Espírito Santo’s search for an investor had begun long before the shenanigans at its parent bank began to come to the surface in the summer of 2014, according to Francisco Cary, BESI’s deputy CEO and chief financial officer.

Regulation: Philippines remains a tough nut to crack

March 2015

The country’s banking industry is growing fast. New laws designed to encourage foreign investment make it easier for offshore firms to wholly purchase local lenders. But there are plenty of barriers to entry aside from regulation.

Asia still sees plenty of potential in Latin America

March 2015

Toshifumi Murata of Latin America for Bank of Tokyo-Mitsubishi UFJ (BTMU) is confident of continued growth.

From Peregrine to Snowflake – the re-invention of Andre Lee

February 2015

From the pariah of Peregrine to thought-leader for a new type of finance, Andre Lee’s re-emergence is an example to those whose careers the financial crisis cut short.

RMB depreciation expectations shift trading strategies

March 2015

As China gradually loosens its grip on its FX regime, an ostensibly overvalued RMB is expected to fall back in line with global currencies, presenting a range of opportunities for traders, ranging from USD/CNH spot positions and the options market, to punts on the CNY-CNH differential.

Stronger RMB, stronger China

March 2015

China’s currency might look overvalued, but that is only half the story.

Malaysia’s CIMB mulls next move after merger setback

February 2015

Malaysia’s quest to create a regional champion with a large Islamic bank came to an end when a plan for a three-way merger was scrapped. The country’s second-largest lender by assets is now retrenching to boost returns and eyeing strategic acquisitions.

Malaysia: Banks seek fresh course after merger collapse

February 2015

Malaysia’s banking community prepares for the next chapter after an attempt to merge three banks ends in failure to complete the deal.

China: WeBank kicks off mainland online banking battle

February 2015

Pioneering WeBank launches; China set to lead industry.

Chinese brokers hungry for assets outside Asia

February 2015

Haitong adds to trend with BESI deal; further opportunistic moves on way.

Australia: More questions than answers in the Murray Report

February 2015

Everyone was a little nervous at the contents of the first inquiry into the nation’s financial services industry in over 25 years. It isn’t as traumatic as most feared, but it leaves some important issues unanswered.

HKD peg back in focus as SNB removes currency floor

January 2015

The Hong Kong dollar’s peg to the US dollar has, once again, come under scrutiny after the Swiss National Bank’s (SNB) removal of its currency’s floor roiled currency markets globally.

China sprouts green shoots in securitization

December 2014

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

RMB: Banks staff up to match rise of Chinese currency

February 2015

The need of banks to raise awareness and staffing levels around the renminbi within their own organizations looks set to be key as the battle for business heats up.

Rising dollar makes renminbi second-most overvalued currency

February 2015

What goes up must come down, even the renminbi. Having appreciated by more than 30% since 2008 against a trade-weighted basket, there is growing consensus that 2015 will see further falls in the Chinese currency.

Rise of RMB trading shows little sign of slowing in 2015

December 2014

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.

The future of the RMB: special focus

March 2015

An in-depth guide to global currency wars; how Beijing is seeking to globalize the renminbi, through currency swaps and trade-financing facilities; the rise of the offshore bond market; and how fee-hungry banks are salivating at the prospect of the RMB’s growth.

More asia stories


Latin America

Building out Latin America's bond markets

Building out Latin America's bond markets

March 2015

The region’s local debt markets are at a crucial point. International interest is growing. Investment banks are building up. But with one exception, domestic supply and demand remains limited. Can other countries follow Mexico’s lead? Euromoney investigates the dynamics of Latin America’s main bond markets.


Latin America: The great rotation in M&A

March 2015

With equity and now debt funding getting scarcer in public markets, Latin American corporates must think of other options. For longer-term investors, and for those with a strong appetite for risk, the region’s troubles are a rare opportunity.

Brazil's education still smart despite regulatory blow

March 2015

Tarpon takes control of Abril for R$1.3 billion; new regulation might limit numbers of higher students.

LatAm bond markets: Argentina – A question of politics

March 2015

Argentina’s relative seclusion from the international capital markets has meant a lot of volume has built up in the local markets.

LatAm bond markets: Chile – Financing their own

March 2015

Bring up the topic of Chilean financial markets to a financier with a regional role and more often than not the adjective they use is 'sophisticated'. However, while the country has the longest-standing investment-grade credit rating and has strong, well-capitalized banks, that isn’t synonymous with sophistication.

LatAm bond markets: Colombia – Only for the strongest

March 2015

Having a buyside full of risk-averse investors is a common theme among Latin America’s local debt capital markets but Colombia takes this to the highest level. Unless you are locally-rated AAA or AA+ then forget about the debt markets – bank debt is for you.

LatAm bond markets: Peru – Ready for a big leap forward

March 2015

Peru’s economy has been averaging more than 5% growth a year for the last 10 years but that growth has not, as yet, been matched by corresponding growth in the volume of bonds issued in its local debt capital markets.

Brazil's local capital markets: Blame it on Brasilia

March 2015

Brazil has all the ingredients for successful local markets, but it keeps failing to deliver.

Latin America: Copper-bottomed Chile wrestles with risk

February 2015

Tax reforms from Chile’s new, left-leaning government are having an unsettling effect on the economy, which is also suffering from a plummeting copper price. The country’s new president is looking next to tackle inequality with further reforms, but as a result the pressure will ratchet up its strong credit rating.

Private banking spotlight lands on Mexico

February 2015

Busy market set to get more crowded; independent players step up.

DCM: Mexico fills Brazil void in international markets

February 2015

Sovereign reopens market; Petrobras saga stymies Brazil.

Private banking in Latin America: Brazil reverts to type

February 2015

The private banking industry in Latin America had a difficult 12 months as wealth creation slowed throughout the region. The picture for the year ahead looks brighter for some countries, but Brazil remains the dominant market and its prospects are still murky.

Peru: Central bank to boost domestic currency lending

February 2015

Central bank targets dollarized liabilities; banks will need higher reserves for dollars.

More latin america stories


Central and Eastern Europe

Emerging Europe: Belarus embarks on a charm offensive

Emerging Europe: Belarus embarks on a charm offensive

March 2015

Belarus’s leaders are promising a dramatic package of reforms that could overhaul the country’s sclerotic command economy and reduce its dependence on Russia. The only trouble is, no one believes them. Mixed messages to the bond markets haven’t helped.


Belarus pushes private-sector plans

March 2015

Belarus’s first deputy economy minister Alexander Zaborovsky insists that policymakers are keen to boost the share of the private sector in the economy through the development of new businesses. This meets with a high degree of scepticism locally, given the government’s record on the treatment of entrepreneurs.

Emerging Europe: The growing pains of CEE private equity

March 2015

Successive crises have taken their toll on the private-equity industry in emerging Europe and enthusiasm for the region has waned. Nevertheless, its combination of strong growth and opportunities for convergence with western Europe continues to attract a hard core of supporters.

Emerging Europe: Turkish M&A on the rise

March 2015

Boosted by a rich run of privatizations, the Turkish M&A market burst into life last year, hitting the highest total value of deals for close to a decade. The hope for 2015 is that the same feat can be repeated. In an election year, anything is possible.

Hungary banking: The price of peace

March 2015

Viktor Orban’s spat with Hungary’s banks has cost the country dear. The bank tax may be on the way out, but the financial sector’s troubles are far from over.

Mugur Isarescu: Romania’s central figure

February 2015

While finance ministers come and go, one man has been a figure of constancy for the nation’s economy: central banker Mugur Isarescu. He has created a fully functioning central bank in a market economy from the shell of a communist regime. With inflation under control and the exchange rate stable, what is his next challenge?

Symbolic Hungary deal ends ‘hostile’ attitude to banks

February 2015

Hungary’s government commits to reduce bank taxes, while a proposed stake in Erste Bank shows ‘we’re all in the same boat’, says the minister behind the plan.

Russia: Buyers shun deeply discounted rouble

February 2015

Russia has been caught in the eye of a perfect storm. Battered by falling oil prices, US and EU sanctions and a dramatic market correction as the rouble was allowed to float, the currency has been in free-fall and liquidity has largely evaporated, with many brokers ceasing rouble trading altogether.

Turkey: New rules prompt Vakifbank tier-2 move

February 2015

Basel III law opens up funding; investors bring $1 billion book.

Czechs can avoid Swiss disruption, says governor

February 2015

Exchange rate regime set to run into mid-2016; CNB ready to act to prevent market shock.

Emerging Europe: Swiss franc appreciation hits CEE banks

February 2015

Politicians urge ‘Hungarian’ solution; Polish, Croatian banks in firing line.

Debt capital markets: SNB policy change hits Swiss franc debt issuers

February 2015

Central and Eastern Europe most affected; foreign Swiss franc bond issuance is frozen.

More central and eastern europe stories


Middle East and Africa

Emirates NBD: Nelson’s milestone moment

Emirates NBD: Nelson’s milestone moment

March 2015

If timing is everything, then Emirates NBD should be nothing. The merger that created the bank brought together two wholly dissimilar institutions, just as the global financial crisis brought Dubai to the brink of default. It has suffered ever since. Until now. Have Emirates NBD – and Dubai – really turned the corner?


Emirates NBD: Scale emerges from the culture clash

March 2015

Much has been said about the unfortunate timing of the Emirates NBD merger just before the global financial crisis, but what is often forgotten is just how challenging that merger would have been in any conditions.

Middle East: Assessing the Dubai International Financial Centre

March 2015

Dubai’s success as a financial centre depends on whether or not it has succeeded in its aims. And what were they?

IMF: Can Ghana resist temptation?

March 2015

The country hopes a deal can revive its stumbling economy, but it will be hard to stick to the IMF’s conditions when the 2016 elections are so close at hand.

Lebanon sells $2.2 billion of bonds

March 2015

Biggest-ever bond sold in two tranches of 10 and 15 years, underpinned by robust banks.

Cote d’Ivoire kicks off African Eurobond market for 2015

February 2015

Cote d’Ivoire’s latest Eurobond and the first out of sub-Saharan Africa this year indicates investor appetite for African sovereign debt and the country’s strong fundamentals.

Escalating risks for sub-Saharan African Eurobond issuers

February 2015

Risk experts have become increasingly concerned about prospects for the majority of African sovereign borrowers that are considering issuance in 2015. Will investors demand a premium?

Ghana-IMF deal faces hurdles amid likely delay

February 2015

Ghana has been in discussions with the IMF since September over a new programme, but the March deadline is likely to be missed as the administration seeks to resist pre-election giveaways and cut the public-sector wage bill, say analysts.

Shake up in Ghana’s ministry of finance and central bank on the cards

February 2015

In a bid to tackle Ghana’s economic woes and restore confidence in government, Euromoney understands that the president might replace the central bank governor and minister of finance in the next couple of months.

Angola to test African Eurobond appetite

February 2015

Angola could become the first African sovereign bond borrower since the great oil price crash this year in a debut deal that will set the tone for frontier-market debt.

Emerging markets: Weak oil prices, stronger Africa

February 2015

The falling oil price has hit oil exporters hard, especially in Africa. But the region has three strengths that should protect its capital markets from the current crisis.

Private banking in Africa: Winning over the continent's wealthy

February 2015

The slow and steady rise of high net-worth individuals across Africa has piqued the interest of wealth managers. But who has the upper hand – regional players close to their clients, or global names with solid reputations?

Banking since the Arab Spring: Tunisia faces pain before reward

February 2015

The World Bank reports that banks need profound reform; analysts catalogue a long list of problems; and the country’s new cabinet has been roundly rejected by most political parties. Can the new president juggle competing political factions and unblock the economic pipeline to bring badly needed growth quick enough?

Africa bond: special focus

March 2015

More middle east and africa stories


Euromoney Country Risk

Euromoney’s experts clock Finland’s struggles before rating agencies

Euromoney’s experts clock Finland’s struggles before rating agencies

March 2015

A downgraded outlook from rating agency Fitch highlighting the sovereign’s economic difficulties was predicted by its country-risk score trend. Moody’s is lagging behind, but might respond when it reviews the sovereign in June.


Egypt back in vogue, but still a high-risk investment

March 2015

A return to the international capital markets in April is whetting the appetite of yield-hungry investors eager to snap up the $1.5 billion Eurobond likely to herald the first in a series of market offerings. But are the sovereign borrower’s risks being ignored?

Risk experts adopt a nuanced position on Austria

March 2015

The credit implications of resolving failed lender Hypo Group Alpe Adria (HGAA) are not what they seem. The upshot is Austria is not about to suffer the same fate as Cyprus, Iceland or Ireland.

Escalating risks for sub-Saharan African Eurobond issuers

February 2015

Risk experts have become increasingly concerned about prospects for the majority of African sovereign borrowers that are considering issuance in 2015. Will investors demand a premium?

Poland’s improving fortunes highlight pockets of safety in CEE

February 2015

The majority of Central and Eastern European sovereigns have been upgraded by Euromoney's country risk survey since the third quarter of 2014. Hungary is still irking the experts with its heightened political risks, but elsewhere there are still reasons to be cheerful about the region’s prospects.

More euromoney country risk stories


 
       
 

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