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January 2003

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LATEST ARTICLES

  • When André Perold, professor of financial management at Harvard Business School visited JP Morgan Investment Management in 1987, it was a momentous occasion for Adrian Lee, president and CIO at Lee Overlay Partners, who was then working at JPMIM.
  • Keen to exploit the massive oil deposits found in its segment of the Caspian Sea, Kazakhstan is pushing for an end to the decade-long dispute over how to draw borders between the five countries that share its coastline.
  • Is the burgeoning credit derivatives market still best seen as a hedging device? Or have some participants turned it to unfair advantage over bond investors on the basis of what amounts to inside information?
  • Few people know currency overlay - an industry always on the verge of maturing - better than Neil Record, chairman and CEO of Record Currency Management. According to Mercer Investment Consulting, the company he started was awarded the world's first currency overlay mandate in 1985, when the Water Authority Superannuation Fund asked it to implement a dollar-based hedge.
  • Few capital markets participants will be sorry to see the back of 2002. Fear dominated the year: fear of more terrorist attacks, fear of the consequences of a war against Iraq, fear of more corporate scandals, fear of losing yet more money, fear of losing one's job, fear of going to jail.
  • Russia’s central bank is launching a controversial new scheme aimed at creating stability and competition. Deputy central bank chairman Andrei Kozlov explains why the reforms are needed.
  • A dispute over the funding of oil pipeline development pinpoints increasing tension between foreign investors and the Kazakh authorities that may hamper the development of offshore Caspian oil resources.
  • Indonesia
  • Bond performance
  • Riba, Gharar, Murabaha, abba, Ijarah, Salam, Istina, Sukuk, Mudarabah, Musharaka, Takaful
  • Bank reform in Russia is hampered by the dominance of the two big state-owned banks, neither of which can be speedily rationalized or sold off without disruption. So although the central bank is now intent on regulatory activism it is seeking to enable competition rather than enforce it.
  • Citibank opened its first retail branch in Moscow in November as Russia's leading commercial banks begin to slug it out for Russia's retail banking business.
  • With trading costs bearing down on them, UK fund managers are tentatively exploring the savings offered by alternative trading venues.
  • A recent UK court judgment has stopped minority lenders blocking a workout because it is not in their interests. Rob Mannix explains why the ruling is good news for the banking industry
  • If the role of a banking system is to finance corporates through the bad times as well as the good, the German system is failing. At least that's what the recent decision by the Federal government to establish a Mittelstand bank strongly suggests.
  • Convertibles
  • India
  • Russia's re-emerging middle class is driving strong growth in the country's embryonic mortgage market as pent-up housing demand and limited supply have caused property prices to soar 30% in Moscow and St Petersburg in the past year.
  • Few if any currency managers attempt to forecast precise exchange rates. The trick is to predict directional moves. Different managers work to different time horizons but, broadly speaking, currency management can be separated into two categories: a technicals-based approach and one that looks to fundamentals.
  • CEE issues have innovated on several fronts this year. Bulgaria made Europe’s first Brady exchange, Poland revived sterling sovereign issues and Gazprom launched Russia’s biggest ever domestic corporate bond.
  • E-finance
  • Lehman Brothers' trials and tribulations with its wayward chef continue (see Euromoney, November 2002).
  • It was billed as a "good-natured rugby challenge amongst representatives of corporate Hong Kong". But last month's Professions Sevens 2002 tournament, with CSFB, Goldman Sachs, Morgan Stanley, Deutsche Bank, JPMorgan, CLSA and HSBC among those fielding teams, turned into a free-for-all.
  • A radical overhaul of Russia's creaking pension system is set to release billions of dollars into the country's debt and equity markets over the next few years and will stimulate dramatic growth of the financial industry.
  • HVB and Commerzbank face an awful choice: lend more to German companies and rack up those NPLs, or stop lending, induce more bankruptcies and drive away customers.
  • Despite the supposed fiscal rectitude demanded by dollarization, Ecuador has once again spent itself into trouble.
  • Head of credit research, Gartmore
  • Financial engineering for ethical investors
  • Islamic law once forced Muslims to make do with poor investment returns. Now, complex Shariah-compliant structures are burgeoning to add value. We look at the market leaders.
  • A complex debt exchange during a merger transaction saved AT&T Broadband and Comcast the expense and the hassle of raising new debt. Bankers won’t want other companies to follow suit.