Chinese corporates

Chinese corporates

Questioning the value of advice

Regulation

Regulation

The battle to sketch the new face of global banking


SWF: Temasek rides China wave to near 20% return

SWF: Temasek rides China wave to near 20% return

July 2015

Over one quarter of fund invested in China; concern over volatility exposure.



Asia

China: Stock meltdown prompts market intervention

China: Stock meltdown prompts market intervention

August 2015

Foreign investors pull Rmb40.5 billion in two weeks; average P/E ratio still 66 times.


China stocks: turning a crisis into a catastrophe

July 2015

The government has allowed what should have been a simple market correction to get the better of it.

SWF: Temasek rides China wave to near 20% return

July 2015

Over one quarter of fund invested in China; concern over volatility exposure.

GSElevator crashes into Hong Kong financial markets

July 2015

John Lefevre’s account of his time as a bond syndicate manager in Asia lifts the lid on some sordid personal and inappropriate professional activities. But beyond the shock factor, it’s the humour in the book that stands out.

Euromoney Awards for Excellence Asia 2015: Press release

July 2015

Citi wins best bank in Asia, Morgan Stanley best investment bank.

Inside investment: Rights and responsibilities of the renminbi

July 2015

China’s bid to join the currencies in the IMF’s SDR basket is more than a footnote of interest only to economists. Policymakers should take note.

Interdealer brokers: IDBs bet on RMB boom

July 2015

Renminbi internationalization a big opportunity; commodities counterbalance bank retreat.

Australia: Big four face capital question

July 2015

Second tier set to cash in on APRA move; Suncorp already making waves.

HSBC doubles down on EM IB gamble

July 2015

Investment banking rivals may scoff, but HSBC’s Asia shift could prove a canny piece of business.

Military grip on Myanmar is a reminder of the extreme risks

July 2015

The glowing appeal of this frontier market is overshadowed by an array of problems, notably stemming from the junta’s resistance to democratic reform.

Country risk expert insight – Q1 results: India

June 2015

The results of the latest Euromoney Country Risk quarterly survey saw India’s risk score rise 0.61 points. Year-on-year, the score is up by an impressive 2.72 points. With a score of 52.74, the country sits at 56 in the global ECR rankings. ECR asked two experts for their opinions on the reasons behind the improvement.

RMB internationalization: the numbers game

June 2015

Sri Lanka risk-score undermined by political and economic challenges

June 2015

The sovereign is still struggling in Euromoney’s risk survey as economic and fiscal indicators deteriorate, corruption investigations dampen China-sourced foreign investment and a looming general election makes it uncertain whether the new president’s parliamentary backers can produce a majority.

Chinese corporates question value of advice

June 2015

The culture among Chinese companies of preparing and executing their own acquisitions isn’t good news for investment banks keen to charge for services. Will it ever change?

Asia: More inbound Japan M&A questioned

June 2015

Japan’s prime minister is trying to inject some dynamism into the country. Could inbound M&A business start to match the upturn in the outbound market?

Sri Lanka: Finance minister embarks on ‘repair job’

June 2015

Karunanayake targets ‘ostentatious expenditures’; contracts were ‘marked up ninefold’.

China high yield: Whimper greets property developer Kaisa’s default

June 2015

Stark contrast with reaction to Sino-Forest default in 2011; case highlights key man and regulatory risks in China.

Structured products: Centralised orders for Asia’s structured products

June 2015

System launched for equity-linked notes; six banks back new venture.

China banks face real-estate dangers

May 2015

The slowdown of the Chinese real-estate market is an increasing risk for the country’s banks, but government intervention might dampen the threat.

The future of the RMB: special focus

July 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

Mexico: Banorte prepares infrastructure fund

Mexico: Banorte prepares infrastructure fund

August 2015

Combines pensions and investors; structural reforms in place for growth.


Latin America: Average deal fees slump

July 2015

DCM issuance down by 40%; locals and internationals suffer.

Argentina central bank creditworthiness questioned

July 2015

Rapid growth in bond issuance; banks keen for returns.

LatAm markets: Return of political risk

July 2015

Latin America’s markets need a shot in the arm; instead they’re getting a shot in the face.

Brazil: Project bond push called into question

July 2015

Government seeks private investors; buyers ‘not fully aware’ of the risks.

Gap in Brazil’s infrastructure projects

July 2015

Plans to involve the capital markets seem to be attracting the wrong investor – one who might not understand the risks.

Euromoney Awards for Excellence Latin America 2015: Press release

July 2015

BBVA named best bank in Latin America, Citi best investment bank as global banking trends set to shake-up regional competition.

Investment banking: LatAm IB fees in a slump

July 2015

Faltering Brazil a big drag on bank income; Mexico offers cause for optimism.

Brazil: special focus

July 2015

Economic celebrations have been on their last legs for a while, but 2015 could be the year a recession pulls the plug on this Brazilian party. Below is Euromoney's recent coverage of macroeconomic, FX, fixed income and equity market trends in Latin America's largest economy.

Don’t bet on Brazil’s equity markets waking soon

June 2015

Brazil’s economy must absorb a lot more pain before it starts to grow again. Until then, investors will stay away, and the deals won’t come.

Latin America’s fixed income markets bloom

June 2015

Activity picks up across sub-asset classes; volumes set to rise despite volatility in H2.

Latin America: Investors circle Argentina

June 2015

Investor interest highest for a decade; questions remain over deal flow.

Latin America: Mexico leads but Brazil stirs from ECM slumber

June 2015

Demand rising, busy second half expected; Par Corretora holds key to Brazil return.

Country risk expert insight – Q1 results: Mexico

June 2015

The results of the latest Euromoney Country Risk quarterly survey saw Mexico’s risk score fall 1.49 points. With a score of 60.82, the country now sits at 37th in the global ECR rankings. ECR asked two experts for their opinions on the reasons behind the decline.

More latin america stories


Central and Eastern Europe

IPOs: We need to talk about Russia

IPOs: We need to talk about Russia

August 2015

Two successful IPOs should have been good news for the country’s markets – if anyone had bothered to tell the world more about them.


Hungary special report 2015: Against the grain

June 2015

Hungary may have steered an unorthodox economic policy course but it seems to have worked, pulling the country out of recession and putting it back on a growth path.

Banking: Playing the long game in Russia

July 2015

Banks are prepared to sit through a couple of lean years in emerging Europe’s largest market, given that it will bounce back eventually. They might not want to get too optimistic though.

Euromoney Awards for Excellence Central and Eastern Europe 2015: Press release

July 2015

UniCredit named best bank in CEE, country awards tightly fought in highly competitive markets.

Emerging Europe: NPL sales pick up in CEE

July 2015

Global funds pile into Romania; Hungary, Slovenia next hot spots.

Hungary special report 2015: Turning a corner

June 2015

Data from Euromoney’s survey of country risk suggests economists are increasingly optimistic about the Hungarian economy.

Hungary special report 2015: György Matolcsy – Architect of resurgence

June 2015

As economy minister and central bank governor, György Matolcsy has been one of the leaders of Hungary’s unconventional drive to economic recovery

Hungary special report 2015: Untapped economic potential

June 2015

Foreign investors are starting to appreciate the opportunities available in an economy that has turned itself around.

Azerbaijan stands out in a region still succumbing to increased risk

June 2015

The sovereign has become comparatively safer in Euromoney’s country risk survey as its CIS neighbours find it hard to escape the blow-back from Russia’s meltdown and currency devaluations prompted by the new oil metrics.

CEE foreign banks: In the firing line

June 2015

Politicians have long been whipping up nationalist sentiment in Russia and Turkey. But now Poland is joining in on the act, banks and investors in CEE have reason for concern.

More central and eastern europe stories


Middle East and Africa

Union Capital seeks a slice of the Nigeria investment banking pie

Union Capital seeks a slice of the Nigeria investment banking pie

July 2015

Union Capital executives reveal why now is the right time to set up shop in Africa's largest market, despite a competitive banking landscape and the current deal-flow drought.


Standard Bank embarks on software transformation drive

July 2015

Standard Bank is the first bank in Africa to implement core banking systems SAP and Finacle, amid ever-increasing pressures to consolidate client data.

No respite for embattled Zimbabwe stocks

July 2015

Liquidity on Zimbabwe’s bourse has been hit hard year-to-date, amid the domestic political funk and a lack of foreign-investor appetite for sub-Saharan Africa, more generally.

No Eurobond plan for Nigeria Access Bank post Moody's rating

July 2015

Access Bank has become the second bank in Nigeria to receive a rating from Moody’s, illustrating the bank’s strengths despite challenging macroeconomic conditions.

Nigerian pensions chief signals new era

July 2015

The head of the Nigerian public pension fund commission reveals governance and diversification reforms, amid a bull market for savings in Africa's largest economy.

Iran’s long road ahead

July 2015

The contingent lifting of western sanctions on the world's biggest untapped market has been met with cautious optimism by the financial industry.

Ghana’s $1.5 billion Eurobond plan to test weary investor appetite

July 2015

As Ghana prepares to return to the Eurobond market, bankers say the sovereign’s debt sustainability will be tested, amid weak real-money appetite for frontier economies.

Mozambique warned on resource boom

July 2015

Lessons to learn from rest of Africa; local banks may be left behind.

Frontier investors prepare to enter Iran

July 2015

Well-functioning stock market; structural surprises still likely.

Markets eye further Nigerian currency devaluation

July 2015

While the central bank has ruled out further currency devaluation, markets continue to price in a weaker naira and the prospect of weak foreign capital inflows.

Abu Dhabi: Adia accelerates in-sourcing push

July 2015

Up to $120 billion moved in-house in three years; not relying on outside firms for alpha.

Euromoney Awards for Excellence Africa 2015: Press release

July 2015

Standard Bank named best bank in Africa, local African investment banks win regional awards.

Africa corporate investment banking business to slow, says head of CIB at Standard Bank

June 2015

Nigeria’s corporates are feeling the strain in terms of honouring corporate debt as the naira weakens and commodity prices remain subdued. As a result, the character of corporate investment banking in sub-Saharan Africa is due to change.

Nigeria’s investment banks feel the squeeze

July 2015

Like everything else in Nigeria, investment banking will be hit by weak oil prices. Local players may struggle more than their global counterparts.

Poor project design still blights Africa infra outlook

June 2015

To fill Africa’s substantial infrastructure gap, governments need to work with investors to produce viable and worthy projects. South Africa is illustrative.

Nigeria's troubles hold lessons for corporate IB

July 2015

Commodity price drop will drive NPLs; difficulties could help local capital markets.

Banks and telcos do battle in mobile money revolution in Africa

June 2015

Mobile money in Africa has been dominated by Safaricom’s M-Pesa in Kenya, but the banking sector will be much better equipped to lead the sector in the long term, says one investor. However, in the short-term, regulations will prove key in determining who wins market share.

Africa bond: special focus

July 2015

Kurdistan bond debut not for the faint-hearted

June 2015

The semi-autonomous Iraqi state is set to be the latest sovereign issuer despite its geopolitical quagmire – posing an allocation dilemma for yield-hungry institutional investors.

Libya: LIA languishes in legal labyrinth

June 2015

Leadership dispute between Malta and Tripoli; lawyers walk away from case.

More middle east and africa stories


Euromoney Country Risk

Heightened risks threaten Brazil’s investment grade

Heightened risks threaten Brazil’s investment grade

July 2015

Latin America’s largest market and one of its hottest investment prospects only a few years ago is now rocking from a confluence of negative factors undermining creditworthiness.


Country risk: Southeast Asia braces itself for US Fed rate hike

July 2015

The region’s bullish prospects might be about to receive a reality check as the anticipated tightening of US monetary policy looms.

Euromoney Country Risk survey results H1 2015: In search of safe havens with Greece on the brink

July 2015

The latest quarterly round-up from Euromoney’s crowd-sourcing country risk survey – a unique poll of more than 440 expert participants – shows no fewer than 80 of the world’s 186 sovereigns becoming riskier during the first half of 2015.

Military grip on Myanmar is a reminder of the extreme risks

July 2015

The glowing appeal of this frontier market is overshadowed by an array of problems, notably stemming from the junta’s resistance to democratic reform.

Portugal and Hungary to reclaim investment grade, says risk survey

June 2015

Euromoney’s crowd-sourcing, survey-based approach to evaluating country risk successfully predicted a similar path for the Philippines two years ago. In addition to these two European borrowers, however, there are a handful of others with longer-term prospects for investors to keep an eye on.

More euromoney country risk stories


           
 

SELECTED CHAPTERS

Transparency in the FX industry

Redefining Conduct

Tectonic Shifts

Growth Currency

Looks Can Be Deceiving

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