Leveraged finance

Leveraged finance

The threat to corporate America

Myanmar: first-mover advantage?

Myanmar: first-mover advantage?

The opening of Myanmar to the outside world


Emerging markets ride 2014 FX rollercoaster

Emerging markets ride 2014 FX rollercoaster

December 2014

EM currencies have taken a savage beating this year, tumbling to a decade low, thanks to falling oil prices, weaker growth, a stronger dollar and fears over reform inertia. Euromoney surveys the FX landscape for 2015.



Global outlook for 2015: Africa rising and the role of Russia in emerging economies

Global outlook for 2015: Africa rising and the role of Russia in emerging economies

January 2015 | Sponsored by VTB Capital

The end of 2014 has seen considerable turbulence in many emerging market (EM) economies, particularly those most reliant on oil – directly or indirectly. This is a reminder that the secular rise of EMs is not a linear phenomenon.

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Asia

Asia: Anti-graft drive puts Macau in the shade

Asia: Anti-graft drive puts Macau in the shade

January 2015

Gaming capital stocks fall 41%; gambling revenues down 30%.


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.

Emerging markets brace for stress test

December 2014

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.

Investment banking: Ambitious locals up the ante in Asia

December 2014

The traditional players continued to fight it out for investment banking spoils in the Asia-Pacific region in 2014, but Chinese banks are on the rise and regionals are pushing for a bigger share of the pie.

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.

Stock Connect dominates Asian equities at turn of year

November 2014

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.

Central Asia: Tajikistan begins road to debut bond

December 2014

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

Hong Kong-Shanghai Stock Connect enables CNH funding arbitrage

December 2014

The Hong Kong-Shanghai Stock Connect, which was launched amid much fanfare on November 17, has triggered a jump in CNH-funded arbitrage opportunities. However, rising Stock Connect volumes and easing by the People’s Bank of China – triggering a convergence between onshore and offshore rates – will remove current funding advantages.

Myanmar: first-mover advantage?

November 2014

It is not often new countries open up to international banks. Nine lenders have recently received licences to operate in Myanmar. It gives them a ready advantage in a country that lacks some basic infrastructure.

Deutsche Börse plots expansion into emerging market FX

November 2014

Deutsche Börse's acquisition of a minority stake in R5FX, the London-based electronic trading venue specializing in emerging markets (EM) FX, is the latest in a series of strategic moves by the exchange to break into the FX market. Up to 20 banks have signed up for the March launch of a bank-to-bank liquidity pool for EM FX.

Japanese portfolio flows support weaker yen but raise default risk

November 2014

Long-awaited changes announced last week to the composition of Japan's state pension fund portfolios, combined with increasing flows into foreign – predominantly US dollar – assets from retail investors and the insurance sector, should weaken the yen, but could be storing up problems in the long term.

China: Stock Connect through train steams ahead

November 2014

The eagerly awaited Stock Connect system connecting Hong Kong to the mainland is up and running to relief all round. While traditional long-only funds and southbound flows have lagged, market players foresee a new dawn in Chinese equity trading.

South Korea battling for RMB spoils

October 2014

Backed by its robust trading relationship with China, the east Asian nation is the latest fledgling offshore renminbi hub. Market participants shed light on South Korea’s renminbi bid as internationalization of the Chinese currency gathers pace.

The future of the RMB: special focus

January 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.

Malaysia mega-merger seeks central-bank approval

October 2014

Malaysia gears up for consolidation in its financial sector as the three-way deal moves ahead.

IMF struggles for relevance

October 2014

A sin of omission: the agenda for the annual meeting in Washington DC this week fails to take sufficient account of the fears of emerging-market (EM) policymakers.

IFC plans offshore RMB duration play

October 2014

Buoyed by its Indian success, the World Bank’s private-sector arm the International Finance Corporation (IFC) has set its sights on further extending the offshore renminbi curve.

India: in depth

October 2014

India needs a litany of reforms to unshackle its stalled capitalist project. Euromoney speaks with the country's central bank governor Raghuram Rajan about his reformist battle and investigates the outlook for the banking system.

More asia stories


Latin America

The year of energy-induced recession in Brazil?

The year of energy-induced recession in Brazil?

January 2015

Rationing increasingly possible; Stagnant economy slowed consumption


Petrobras shuts Brazil out of international markets

December 2014

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

Brazil’s reality check for reviving the economy

December 2014

Brazil has a long and painful struggle ahead to revive its economy. Denial and complacency will not help that process.

Brazil’s banks immune to struggling economy

November 2014

Strong results across the sector; banking system ‘a source of strength’.

Brazil: Bankers rueful over Rousseff

November 2014

Brazil’s banking industry exclaimed loudly that another four years of Dilma Rousseff would be a disaster for the country. Now that she has been re-elected, have the bankers changed their minds?

Colombia faces oil price test

November 2014

No short-term response to price shift; fiscal discipline key to economy.

LatAm: Rising rates will limit IPO activity

November 2014

Rising rates deter equity investors; Brazil no longer driving volumes.

More latin america stories


Central and Eastern Europe

Hungary tells banks: shape up or ship out

Hungary tells banks: shape up or ship out

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?


Pulse survey: CEE corporates eye domestic bond growth

December 2014

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.

Russia: The mother of all macro risks

December 2014

The growing likelihood of an economic crisis in Russia will have a major impact on global markets in 2015.

Baltics: Lithuania seeks solace in eurozone

December 2014

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

Russia risks derailing banks’ regional plans

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.

Romania’s embattled finance minister faces budget test

December 2014

Euromoney meets Ioana Petrescu in Bucharest as she wrestles with the challenge of kick-starting an IMF-bound sputtering economy in the teeth of political opposition.

Corporates face long shadow of Ukraine

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.

Warsaw Stock Exchange: No place like home

December 2014

The WSE should pursue local opportunities, rather than chasing new listings from foreign firms.

Moscow Exchange: All revved up with no place to go

November 2014

Moscow’s revamped stock exchange has everything it takes to be a global player, with the exception of supply and demand. Has Russia’s isolation put a dampener on its ambitious domestic capital markets development programme?

Why Erdogan’s attack on Bank Asya matters

November 2014

Three years ago, the leader of one of the world’s biggest countries almost called for a run on one of its biggest banks.

The battle for Bank Asya

November 2014

Turkey’s president has tried to kick of one of the country’s largest banks into touch, through public attacks and behind-the-scenes pressure. Despite becoming a political football, Bank Asya is still in the game. Can Turkey’s reputation in the west as a place to do business survive Erdogan’s continued, politically-motivated vendetta?

Emerging Europe: Warsaw will go organic, says new CEO

November 2014

Merger with Vienna ‘too complex’; regional listings in the spotlight.

Romania risk falls after surprise election result

November 2014

Romania’s country-risk score improved slightly in the immediate aftermath of the Klaus Iohannis’s surprise election victory, as participating economists cautiously signalled their optimism over the likely policy direction the country might now take.

Russia’s risk score plummets to its lowest since 1998 default

November 2014

As sanctions and falling oil prices force the rouble’s slide, country risk experts are questioning the ability of privately owned and/or state-backed banks and corporates to obtain credit and repay their debts amid capital flight and an economy in decline.

Russian bank risks jump as Europe's halves

November 2014

The latest results of a systemic risk index reveal elevated risks in Russia, Portugal and France but a generally marked improvement across the rest of Europe.

Russia central bank attempts rouble crisis circuit-breaker

November 2014

Analysts support the Central Bank of Russia’s (CBR) response to the collapse of the rouble, arguing it will shift market expectations and could stabilize the currency in the medium-term. In an interview with Euromoney before the move, a CBR official discusses the opportunities and challenges in the regime shift.

Bank Asya fights back against Erdogan attack

October 2014

The chief executive of the leading Turkish Islamic bank claims it is the victim of a politically driven campaign by the country’s president, in an exclusive interview with Euromoney.

More central and eastern europe stories


Middle East and Africa

African Eurobonds suffer as commodity prices slump

African Eurobonds suffer as commodity prices slump

January 2015

African capital markets have been driven by a boom in Eurobond issue during the past two years, but supply and demand has come under fire after plummeting oil and commodity prices.


Africa: Regional dreams spur banks and their clients

December 2014

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?

Libya: Goldman must open its LIA books

December 2014

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

Angolan SWF chairman calls for greater support as oil price falls

December 2014

The Angolan government could provide greater financial support to its fledgling $5 billion sovereign wealth fund (SWF), according to its chairman, amid rising concerns over the impact falling oil prices will have on the country's economy.

Africa debt: Ethiopia tops off banner year for sovereigns

December 2014

African DCM beoming more sophisticated; Debt sustainability a concern

Best Managed Companies in the Middle East 2014: Saudi markets get chance to shine?

November 2014

The opening up of the Saudi Stock Exchange to foreign investors could be a watershed moment for the country’s capital markets. Bankers predict a rush of deals to soak up demand. But what will foreign investors find in the Middle East’s biggest market? And can structural issues over settlement be solved?

Inside Qatar’s investment diaspora

November 2014

Asset-hungry and cash rich, Qatar keeps grabbing the headlines. But there are questions over which branch of Qatar’s wealth actually owns its trophy assets, while it is becoming increasingly hard to fathom whether the authorities are coordinating these investments.

Five Qatari investment institutions that aren’t the QIA

November 2014

A look at Qatar Foundation Endowment, QPI, Qatar Sports Investment, Qatar Luxury Group and Hassad Food.

Navigating Africa’s disparate markets

November 2014

Illiquid markets, limited exchanges and sometimes vague institutional information make Africa’s securities landscape difficult to navigate. Firms such as Imara are in a good place to act as guides.

Case studies of SSA stock markets

November 2014

African exchanges can be small, illiquid and difficult to navigate. Some regulators are making efforts to resolve these issues, while others struggle to keep up with investors' demands.

Gulf investing no longer a one-way street

November 2014

Growing investor comfort in region; IFA culture developing.

Teng adds heft to Abu Dhabi’s central ambitions

November 2014

Second big hire this year; ramps up competition with Dubai.

Saudi Stock Exchange: Ambitious Al-Ghamdi manages expectations

November 2014

What’s in a name? Adel Saleh Al-Ghamdi is the chief executive of the Saudi Stock Exchange (Tadawul). The brackets are important. They are a sign of the increasing attention he and his institution are paying to the world outside Saudi Arabia.

More middle east and africa stories


Euromoney Country Risk

Default risk rises for emerging and frontier markets

Default risk rises for emerging and frontier markets

January 2015

Euromoney Country Risk data show emerging and frontier bonds had across-the-board increases in risk in 2014.


Euromoney Country Risk survey results 2014: Negative oil shock creates new threats

January 2015

With falling oil prices sending the currencies of hydrocarbons producers tumbling, amid political instability, conflict risk and weak, unbalanced economies persisting, almost half the world’s sovereigns endured higher risk in 2014.

Saudi risk score plummets as oil shock intensifies

December 2014

The sovereign’s risk score has fallen in recent days as lower oil prices add to the Kingdom’s existing economic, political and structural weaknesses.

Euromoney’s risk survey pinpoints mispriced oil-exporter credits

December 2014

Russia’s and Venezuela’s plight was predicted by Euromoney’s country risk survey well before the market priced in their deteriorating creditworthiness. Other, similarly ranked oil-producing sovereigns could endure a similar fate.

Sliding oil price heightens risks for energy-exporting nations

December 2014

Economists have been downgrading oil exporters’ risk scores in recent weeks, but there might be worse to come if spot prices and petro-currencies continue to fall.

More euromoney country risk stories