June 2005
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LATEST ARTICLES
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Government-guaranteed issuers have long been a mainstay of the Japanese bond markets. Now the zaito issuers are seen as a market in their own right. Chris Leahy and Andy Wright report.
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Investors welcome a market-friendly deal achieved with the minimum of fuss
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As investment banks try to cut the cost of research for clients, outsourcing is taking on an ever-increasing and ever more important role in keeping costs under control. For the providers of these services, such as Copal Partners, the key is to move on from simply crunching the numbers to providing in-depth research for their clients on debt, equity and corporate finance.
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BNP and SG say they are taking a calculated risk, but can the investment pay off?
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Other banks are unlikely to follow the US firm's example of advising on both sides of a takeover
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Between sessions on liquidity, capital issues and the future of credit markets, the big issues of a conference near Malaga in Spain were played out around the poker table
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Stock markets are unimpressed by president's pro-business reforms
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Management of emerging markets lender Standard Chartered Bank is putting its own advertising slogan, 'We go the distance so you go further', to good internal use in its efforts to integrate its largest acquisition, the US$3.4 billion deal with Korea First Bank (KFB).
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The chairman of the SEC throws his weight behind Sarbanes-Oxley
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Bankers see little chance of a global bond issue
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Auna set for LBO record Three consortia of private equity firms are expected to submit bids of around e12 billion for Spanish telecoms operator Auna. If one succeeds, the deal would be Europe's largest-ever leveraged buyout and the biggest globally since KKR bought RJR Nabisco in 1989.
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New services could help solve operational risk issues in credit derivatives
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Government hopes delay will not harm investment drive
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Real estate investment trusts have helped to drive development of the asset class in countries such as the US and Japan. Now a European-wide market is ready for take off. Helen Avery reports.
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It's not just General Electric which is getting all puffed up about green technology through its Egoimagination drive.
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New launch is sign of growing sophistication in fixed income investing
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Iran's strong headline economic figures are out of kilter with the weakness of its private sector and feeble foreign direct investment flows. Can the authorities boost private sector growth and investment inflows so long as influential ruling groups remain suspicious of free enterprise?
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Since the adoption of an enabling law in 1999, Portugal's securitization market has grown rapidly, embracing many of the innovative techniques and influences seen elsewhere in Europe. With a new law allowing issuance of covered bonds expected this year, structured finance volumes look set to grow. And the market remains eager for further innovation. Sarfraz Thind reports.
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Everyone expected the downgrade of Ford and General Motors to junk status. Now it has happened, the long-term consequences for the market are unclear. The move threatens to wipe out the trading profits of hedge funds and banks, with CDOs causing particular concern. Mark Brown reports.
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Algeria: bank reform picks up pace
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Regulator makes new attempt to solve 'legal person' shares overhang
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Regulation:
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What connects the world's best borrowers in 2005? Their ability to secure attractive funding through innovative structures or reaching out to new markets, often when the conditions are not in their favour.
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UK junior market AIM could be hampered by tight interpretations of EU rules on what constitutes a public offer
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Mizuho has announced plans to establish a private banking company in Japan. The 70-person unit, Mizuho Private Wealth Management Company, will provide consulting services and various personalised financial products for clients with 500 million yen or more in assets. It will be a tough market to crack, however. A private banking market in Japan has never fully taken off despite attempts by both foreign and domestic players. Wealthy Japanese have tended to keep their money on deposit, while the banks have not focused on customer service. Even at a retail banking level, only now is there evidence of a service-oriented banking culture, led by Shinsei and Tokyo Star.
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Banks readjust after rare correction in asset-backed market Structured credit markets approach the June half-way mark with the spread cycle reversed. All but the most recent new issues are trading below par and the heady times of heavily oversubscribed deals are over for now.
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Other banks' proprietary platforms need to pick up market share fast
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Attention now turns to more complex Al Marai transaction
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State banks are geared to an economy that is mainly state controlled and they dominate much of Iran's financial sector. But the six public banks are starting to fund the private sector, while newly formed, privately owned banks are finding their own niche market through better services and funding. Kate Luxford reports.