February 2007
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LATEST ARTICLES
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Summary table of top banks, with quick links to more related content on euromoney.com
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In Euromoney’s November 2006 issue we reported on Ritchie’s restructuring plan for its ailing multi-strategy fund. Doug Rothschild, Ritchie’s chief administration officer, explained how investors had agreed to have the assets split into two share classes: an equity class one with a 3.25 year lock-up, and a redeeming class that provided a schedule for the return of funds to redeeming investors over 2.5 years. As such, redemptions would be slowed, longer-term private-equity type investments could be made, and investors would then receive their money back, possibly with a return.
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The battle to persuade clients that active currency management is a key tool has been so convincingly won that overlay is now being transformed by leverage and the search for alpha. But what are the risks? -
Nigeria has announced plans to clear the last of its commercial debt, taking it one step closer to entering the debt capital markets in 2007. Last year Nigeria was poised to issue its first Eurobond deal, for $1.5 billion, which was thought necessary to pay off its London Club debt. But then the government pulled the deal, realizing that the debt could be cleared from its rapidly growing international reserves. Now president Olusegun Obasanjo hopes to enter the capital markets in 2007, once his country’s remaining $912 million of London Club debt is extinguished and political uncertainties have diminished.
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Japan still boasts the world’s second-largest economy but its investment banking markets remain immature compared with western peers. In two articles, Euromoney spoke to key bankers in Tokyo about the economic renaissance and what it means for investment banking in Japan. Chris Leahy reports.
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Summary table of top banks, with quick links to more related content on euromoney.com
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Given CMC Markets’ success story, it was hardly surprising that the company’s planned initial public offering in the summer of 2006 attracted so much press attention, especially in the UK.
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Japan is slow to adopt financial market innovations, and algorithmic trading is no exception.
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Summary table of top banks, with quick links to more related content on euromoney.com
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Babson Capital has launched a credit opportunity fund designed to exploit sales of stressed and distressed leveraged loans that have been forced by CLO triggers.
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Dutch pension funds ABP and PGGM both recently reported their quarterly results. Cover ratios at both are rising nicely but ABP’s new strategic portfolio catches the eye. Mark Ramsden asks if it points to less demand for long-dated bonds and more for inflation-linked assets.
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Japan seems a strange place to start an independent research firm. Costs are high, and the market, although large, is dominated by domestic mega banks and the international bulge bracket. For Rupert Eastwood, CEO and co-founder of Japaninvest Group, that is precisely the point.
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Islamic finance is a natural home for structural innovation. Even the most basic Shariah-compliant products necessarily involve some degree of structuring: finding methods to mimic the economic benefits of conventional financial products while maintaining a religiously acceptable asset base. Now, though, banks are taking this structuring a step further. Chris Wright reports.
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Veteran broker Jeff Hurley has been lured back to the market by Tradition to broker dollar/rand. Hurley, who had been out of the market for some time after leaving Tullett Prebon – sources say that he was doing some building trade work – at one time apparently held the there-and-back, barefoot cross-Channel water skiing record. Tradition has also made further hires for its emerging markets area, including Quentin Younghusband and Neil Standen, both from Tullett, and David Rees from BGC. All will be based in London. Elsewhere, it has poached Robbie Kemp from Tullett and Glen Davies from Icap to work in its Johannesburg office.
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Summary table of top banks, with quick links to more related content on euromoney.com
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US firms maintain their dominance of the global investment banking industry, according to a new table put together by Euromoney. But which CEOs have provided the best value to shareholders? Clive Horwood, Alex Chambers and Jethro Wookey report.
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The takeover battle between Marfin and Piraeus pits two Greek banking heroes against each other. It also raises the question of domestic consolidation at a time when Greek banks are focused on expanding abroad. Peter Koh reports from Athens.
