November 2006
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LATEST ARTICLES
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“We’ve got samurais, kangaroos and bulldogs – now what we really need is a name for all these bonds coming out of Kazakhstan...”
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At the end of September Petrobras, the Brazilian state-owned oil and gas company, completed dollar and yen issues within days of each other – its first such deals in two years. CFO Almir Barbassa talks to Chloe Hayward about why the company has suddenly become so active again.
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The increased use of ever more powerful computers in the financial markets is having an unexpected effect on Canary Wharf, London’s supposedly modern, high-tech business location.
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“Another pandemic or a large event risk such as a full-scale ground war, or various nuclear bombs exploding in large cities in any of the three countries would cause a loss for the noteholders”
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It’s somewhat ironic that Dresdner has an F1 car in the building. After all, motor racing is associated with glamour, sex appeal and life in the fast lane – all the things that Dresdner is not.
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Bolivia signed a deal last month worth $17 billion that is set to triple its sale of natural gas to Argentina. Under a new contract, Bolivia will increase exports to Argentina from the current maximum of 7.7 million cubic metres a day to 27.7 million cubic metres a day over a 20-year period beginning in 2010.
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Banks jostle for league table positions as volumes show no sign of letting up.
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MDM deal heralds new swap technology.
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Evolution Securities China to bring China Medstar to London’s junior market in latest deal.
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There is anecdotal evidence that hedge funds have been increasingly important players in emerging markets for some time now. But a new report from Greenwich Associates has quantified the trend to a startling extent.
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The City of Moscow’s Sergei Pakhomov hopes that full rouble convertibility will offer a way around restrictive legislation that governs municipal issuance in Russia.
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Italy’s Sanpaolo IMI has won the race to acquire Bank of Alexandria. It will pay $2 billion for an 80% stake in the bank, Egypt’s fourth largest. It outbid a consortium of banks comprising Jordan-based Arab Bank Group and Saudi Arabia’s Arab National Bank. Other bidders had included Dubai’s Mashreqbank and Dubai Investment Group, Egypt’s Commercial International Bank and BNP Paribas.
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As governments across the continent are engaging in economic reforms and building their country’s infrastructure, new types of investors are starting to see Africa as a safe bet when searching for higher returns.
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Washington Mutual has broken new ground in several areas during the past year. Not least as the first American issuer of a covered bond. However, it made a substantial impact with its hybrid issuance too. WaMu’s treasurer, Robert Williams, explains his bank’s financing strategy to Alex Chambers.
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The privatization of Japan Post means that a huge store of capital will be unleashed into the private sector. Lawrence White travelled to Tokyo to find out what progress has been made, and to assess the likely effects of this historic IPO on the global capital markets.
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Private equity in the Gulf is developing fast but investors need to seek out experienced firms.
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Tata Steel’s bid for Corus is at the vanguard of corporate India buying cross-border assets.
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CHAMPAGNE CORKS WERE popping in Lisbon to herald the smooth passage of Portugal’s covered bond legislation. So Europe has yet another covered bond market, news that will have been greeted with a certain amount of resignation in Italy by both banks and regulators. It all looks so easy, but somehow Italy has made it look very, very difficult.
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There are signs that liquidity-generated inflation is spreading from financial bubbles into the output economy.
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The back office is the unglamorous end of the deal chain. But as some banks are now finding out, keeping the pipes clear is vital if business is to be kept flowing from the front end. Lee Oliver reports.
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SG aims to capitalize on the increasing demand for credit derivatives as a risk mitigation tool.
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The price that Macquarie was prepared to pay for Thames Water graphically illustrates the impact that infrastructure funds are having on this sector.
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Technological developments in multilateral trading facilities look set to be much more significant than link-ups between private monopoly exchanges.
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Yucho privatization is a big ask for Japan’s financial sector.
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Ben Shoval and his partners have found a lucrative real estate niche: early stage, short-term funding for sound, non-speculative developers. Helen Avery reports.
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Investment banks in Japan are preparing to compete for a share of the lucrative market for corporate hybrid capital issuance that they hope will develop following retailer Aeon’s pioneering 50-year security.
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As the unremittingly positive attitude of investors and analysts towards Vietnam just seems to get even more positive, capital raising for new fund launches is rising fast.
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The central banks of Argentina and Brazil are putting together a proposal that will ease trade payments between importers and exporters in the two countries.
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Regulators hope to repeat their success in reforming practices in the credit derivatives market.
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Strange market conditions prevail as companies face investors that are spoilt for choice and hedge funds that are increasingly cautious.