August 2005
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LATEST ARTICLES
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Thierry Sciard is set to bring together the US house's investment management stakes
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Banks are spending more to remain competitive, but with so many firms to choose from how can they be sure a vendor will understand their needs? Euromoney's second financial technology users' survey has some answers.
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An end in sight for high-level M&A in Russia's oil and gas sector
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Commerzbank Corporates and Markets is tackling the conundrum of how to finance the Mittelstand by setting up the first Schuldschein securitization programme. Commerzbank will pool the two- to five-year, €500,000 to €5 million funding needs of different small and middle-size German enterprises to create securitizable portfolios. It launched the origination phase on July 8, and expects the first ABS issues next year.
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Global M&A volume was up 39% to $1.4 trillion in the first half of the year. However, revenues only increased 13%, further evidence of the fact that M&A advisory is not the guaranteed meal ticket it used to be.
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Visual technology to change the way financial communities react to events in the market
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In buying MBNA at the end of June, Bank of America pulled off a headline-grabbing deal. At $35 billion in stock and cash, it's the second-largest financial services deal since JPMorgan Chase bought Bank One last year and the second-largest deal overall this year after Procter &Gamble's purchase of Gillette. It was brokered largely by BoA chairman and CEO Kenneth Lewis, who in a matter of days stole one of the most prized monoline credit card companies from under the noses of such rival banks as Wachovia.
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BNP Paribas seen as probable buyer
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Citigroup's TreasuryVision is answering the challenge of putting PepsiCo's disparate global cashflows, emanating from 1,000 bank accounts, on a real-time system.
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"I believe it is an obligation, for those of us who have a career, to defend it and serve the country"
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Managers seek better returns in increasingly influential asset class
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"£875m for The Priory! Why buy it? Maybe they have a view on the secular growth in the bulimic market"
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A neat theory has it that long-term interest rates are stubbornly low because of excess savings in Asia. But the Federal Reserve can't get off the hook that easily
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Four hundred of the biggest names in the capital markets gathered at the Natural History Museum in London last month for the annual Euromoney Awards for Excellence dinner. Juan Manuel Cendoya, executive vice-president of Santander, and Lord Burns, chairman of Abbey, came to see Santander take the Best Bank 2005 title. A vocal contingent from Lehman Brothers (Investment Bank of the Year) also made its presence felt.
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The Italian state's packaging of a fund of official property confirms the treasury's reputation for innovation
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Investors bemoan high hedge fund fees
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It has been a glorious first half of the year for global structured finance, with volumes outperforming the plain vanilla universe for the fourth year in a row. The total rocketed up by more than a quarter, to $1.2 trillion from $944.6 billion during the first half of 2004.
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But credit tranche activity has held up despite the GMAC fallout
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There should be no false patriotism over whether it is appropriate to finance outside the domestic currency
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Bank executives are paid well to do a good job. But they should not be rewarded for failure.
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Sooner or later credit tiering will return to a structured credit market that for too long has failed to reflect differentiation in the underlying assets, deals' performance or servicer record. That's the theory anyway. Recent events, though, suggest that spreads and market sentiment remain remarkably resilient to all but the worst news. When non-conforming residential mortgage-backed securities market leader Kensington Group unveiled disappointing performance data and the use of the reserve account on RMS 15 & 16 it had an immediate impact.
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Unsecured debt markets are still open for GMAC and Ford
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Doubts, though, emerge over portal's sustainability