November 2016
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LATEST ARTICLES
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Korea should be a rare bright spot for prominent IPOs in Asia but, given centre stage, Doosan Bobcat fluffed its lines.
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A bet on QE expansion overrode worries about the referendum for Italy’s 50-year debut.
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Flash crashes are still mercifully rare, but FX bankers worry that changing market dynamics will make them happen more often.
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Cutting ties with money transfer companies has deeper implications than many big banks are prepared to admit.
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European banks stocks have been on a tear since their summer lows, with the Stoxx Europe 600 banks index rising by 30% from the bottom of 117 in early July, up to 153 at the end of October.
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The decline of Deutsche Bank may be grabbing the headlines, but the woes of German banking run far deeper. Low interest rates and tighter regulation are hurting all the private-sector banks. That simply adds to concerns that Germany’s banks cannot, or perhaps in politicians’ eyes should not, be profit-hungry institutions. But are the statebacked banks that still dominate German banking reaching a limit on their ability to fund themselves? And does that mean that the famed three-pillar system is heading for disaster?
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Ultra-low rates and higher regulatory costs are thinning German banks’ already meagre margins, creating dangers of systemic importance.
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The shortcomings of German banking have steered it into a shipping crisis on a scale that is only now being appreciated. Shipping loans are already pulling some of the state-owned wholesale banks under water, making previous failures to properly remodel the sector even more obvious.
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When a journalist really wants to sink their teeth into you, it’s best to accept early on that all intervention is futile.
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Investors should not get too carried away by Saudi’s bond market triumph: there is still much that can derail its long-term strategy.
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The fear of a debt deflation cycle stalked markets last summer and forced a new round of monetary intervention.
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Another European banking crunch is on the horizon thanks to legacy problems that have not been fixed.
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Pity Arvind Subramanian – he has a tough enough job as it is as chief economic adviser to the government of India without further distraction.
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The fintech revolution continues to spread even into the most staid corners of banking.
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The Bundesbank’s Andreas Dombret doesn’t shy away from the depth of problems facing Germany’s banking industry
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In his first 16 months as governor of Kenya’s central bank, Patrick Njoroge has had to work through constant concerns about the health of the country’s economy and financial sector. Now he faces his biggest challenge yet: a piece of financial regulation he believes will deeply hurt Kenyan banks and their consumers.
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A recent $17.5 billion bond issue by Saudi Arabia was hailed as a resounding success by capital market participants who have a strong interest in further fundraising by the kingdom, including an expected IPO of Saudi Aramco that could break records with a size around $100 billion.
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It seems $100 billion is the new benchmark fundraising target for firms looking to make an impact.
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Sale of Poland’s Allegro sets regional record; local currency liquidity adds comfort for global buyers.
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Eurobonds back after three-month post-coup shutdown; October supply tops $3.5 billion.
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Russia’s leading investment bank has seen its fortunes fluctuate over the past two years. Alexei Yakovitsky, VTB Capital’s chief executive, talks to Euromoney about Brexit, Africa and state ownership and explains why sanctions have proved more of a blessing than a curse.
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New management aims to rebuild core equity; attractive valuation if it avoids equity issuance.
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Resumes African expansion as Barclays retreats; hints of more jobs to match Egypt’s economic growth.
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Singapore’s financial sector needs to be transformed. It will not be easy.
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There is a long list of structural challenges facing Singapore as a listing venue: a lack of big listing candidates, the allure of Nasdaq for new tech companies and the easy availability of private debt. SGX chief executive Boon Chye Loh believes the answer is to be a multi-asset hub – as his acquisition of Baltic Exchange shows. Is it enough to keep the exchange relevant?
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Kingdom’s debut is largest ever EM deal; Vision 2030 chimes with investors.
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Revenues still depressed by poor ECM; DCM and M&A resilient but at low levels.
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ZTO Express underlines US affection for ambitious Chinese firms; Azure Power shows how much farther India’s have to go.
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Internal analytics, not retail price war, behind the move; strong growth expectations prompt high bank valuations.
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The Monetary Authority of Singapore has come out fighting after its private banking industry was immersed in the 1MDB scandal. A tax amnesty with Indonesia has posed further difficult questions about disclosure and privacy. Now the MAS has to show its teeth without wrecking an industry the country relies on.
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Clinging on to modest IB ranking; municipalities show their clout over ethics scandals.
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New debt-equity swap measures tackle corporate debt load; bank NPLs are already rising.
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Australian sovereign fund committed to alternative assets; PE more important than ever, says CIO.
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Exits structured products businesses; splits Mittelstandsbank between corporates and retail division.
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S&P E-mini trader faces US regulatory charges; academics dispute ‘flash crash’ connection.
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ECB’s Praet urges consolidation; conditions not right, says CaixaBank chairman.
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European activism reaches record levels; softer approach contrasts with US aggression.
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First euro-denominated tier-3 notes issued; French banks still waiting for non-preferred clarification.
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Brexit threatens eurozone, but region still crucial to global banks.
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Capital markets activity in Europe is dominated by the UK, so the Brexit vote could have dealt a mortal blow to the European Commission’s plans to promote it through the capital markets union initiative. To survive, CMU will have to get global.
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Recalled from Washington by a reform-minded president struggling to fulfil his election promises, Sri Mulyani Indrawati is pushing through a wholesale reform of Indonesia’s tax system. But it is not just about boosting revenues; for Mulyani it also symbolizes the beginning of a new era for the country.
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As political tensions around income inequality rise, so too does pressure on banks to hire employees from more varied backgrounds. While some have been early adopters of diversity, there is much still to do.
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Brazil’s economy leads the world in high interest rates. It is a blessing for banks but a burden on the economy – draining resources away from both new investment and consumption. Will new credit platforms finally jolt the established banks into a competitive response where previous strategies have failed?
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Some landmark deals from international banks are pioneering the green-bond structure in Latin America. But until the region begins to sell in local currency to local investors, the potential will remain unfulfilled.
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The investment case for Myanmar is well known: the resources, the population and the convenient neighbours. What about the reality of banking on the ground? Banks may be growing fast, but they face challenges ranging from an absence of mortgages to changing rules and a national obsession with cash.
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The Italian lender’s revised capital plan prompted its share price to plunge 39% in a matter of hours. Time is running out for a capital raise by year-end.
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A second acquisition of ABN Amro might offer Scandinavia’s biggest bank more than an industrial fit
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Has Jamie Dimon been taking public speaking lessons from Donald Trump? Watching a panel discussion at the annual meeting of the Institute of International Finance (IIF) in Washington recently, where he sat alongside Mike Corbat and James Gorman, you'd be forgiven for thinking so.