October 2011
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LATEST ARTICLES
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Belgium is seen as one of the bright spots in the eurozone and competition is increasing for the assets of the country’s wealthiest individuals. For those with investment expertise and knowledge of the intricacies of the Belgian wealth market, the future looks promising.
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Euromoney’s inaugural credit survey confirms the broad market power of three elite fixed-income houses, and points to a widening gulf between the haves and have-nots of the global credit markets. Joti Mangat reports.
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Trading scandal raises further questions about validity of investment bank; Does the integrated model work for UBS?
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Hassell shuns future acquisitions; Litigation and regulation unavoidable expenses
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The mood at the IMF meetings was doom and gloom. News of UBS’s rogue trader loss didn’t help.
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Telecom IPOs prepare for market; Bank M&A activity in pipeline
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On September 27, Enesa Participações became the latest Brazilian company to pull an IPO. However, a couple of days after that announcement Colombia’s Grupo Exito completed a successful Ps2.5 trillion ($1.3 billion) follow-on to highlight the country’s strongly performing equity market.
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Faced with an unpalatable menu of policy choices, there is concern that another course will be taken: financial repression. It is the economic prescription favoured by Fagin. Bondholders should beware.
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Chile sovereign bucks a trend; More Chile deals might set benchmark
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CDO Wells Notice has serious ramifications for S&P.
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European banks are looking to their counterparts in Asia to help them with their capital-raising problems, according to sources in Hong Kong familiar with the deals, but are struggling to sell more paper as the news out of Europe worsens.
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Amid the gloom of the IMF meetings, it was comforting to know that at least some people in the US Treasury were having a good time.
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What a difference a few years make. Warren Spector couldn’t have looked less like a banker had he tried at the showing of A Bird of the Air – his first movie as an executive producer since being ousted from Bear Stearns in 2007 before the bank failed. Dressed in a bright-yellow raincoat, the former co-president of Bear Stearns amicably chatted among the 50-odd audience that had come to see his debut production at the East Village movie theatre in Manhattan. The director of his film is his wife, actress Margaret Whitton, who starred in the 1980s films The Secret of my Success and 9-1/2 weeks.
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The run on Morgan Stanley’s stock and credit default swaps in the final days of September had alarming similarities to the collapse in confidence in the bank during 2008.
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Disclosures from UBS about the details of the alleged fraudulent trading that has cost the bank $2.3 billion raise more questions than they answer about the extraordinary episode.
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Medvedev and Putin’s next finance minister has a lot to live up to.
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Banks need better regulation, but the terms and conditions set out by Basle III already look woefully out of date.
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GDP growth must be sufficient to outweigh possible deleterious effects of sovereign budget cuts and measures to increase revenues. It’s an impossible ask for Japan and an extremely tough one for the eurozone.
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Emerging markets central banks are moving away from using rate changes solely to control inflation. Brazil seems to have joined the trend.
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Joe Hockey, like many Australians, didn’t agree with our decision to recognize Wayne Swan’s achievements by giving him Euromoney’s finance minister of the year award. We didn’t expect him to either. He’s the opposition treasurer in the Canberra parliament after all.
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Banks desperate for business are faced with renewed demands for hard underwriting.
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Exit would be more expensive than bailing out the periphery.
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Rumours knock Ping An down 14% in a day; Soc Gen predicts big rally
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Default won’t trigger CDS; Greek CDS hedges unwound
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Investment bank expects 30% fall in revenues; FICC business holding up
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Investment banking revenue figures compiled by Dealogic for the first nine months of 2011 confirm a shocking sudden stop in the third quarter of the year. Global investment banking revenue reached $53.2 billion in the first nine months of 2011, up 10% from the first nine months of 2010. That increase was despite third-quarter revenue of just $11.8 billion being the lowest total since the first quarter of 2009 and down 45% from the second quarter’s $21.4 billion.
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Mass lawsuits filed against issuers; Banks likely to settle out of court
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Citic’s qualified success not a barometer for others; Issuers pull deals as sentiment weakens
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More pressure on East African currencies; Kenyan central bank raises rates
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"You shouldn’t automatically take it for granted that the world is going to end"
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Anti-monopoly regulator approves plan; New securities laws awaited
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Benefits from growth markets; Shake-up in equities division
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Revamped pricing boosts turnover; profits from SNB intervention.
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Chief executives say French banks’ exposure to risky European sovereigns is minimal; Loss of access to funding will speed asset and business disposals
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Renewed concern over 2015 wall; High-yield freeze prompts private solution
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Halyk Finance to act on sale of electricity grid; State seeks more international banks for deals
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Plan attacks shuttered market; Slams door after horse has bolted
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New investment bank to rival BTG Pactual; Solvency of small banks under pressure
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My concern about succession planning at UBS was well founded. As politicians, central bankers and financiers gathered in Washington for the IMF/World Bank meetings, the UBS board met in Singapore. And contrary to what most people including myself had expected, UBS’s chief executive Oswald Grübel resigned, saying that he had to bear ultimate responsibility for the recent rogue-trading scandal inflicted on the bank by Kweku Adoboli.
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PM forces repayment discounts; 1 million borrowers eligible
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Central bankers seem to have had just about enough of Jamie Dimon’s spittle-flecked rants about the dangers of increased regulation. The JPMorgan chief executive lambasted Federal Reserve chairman Ben Bernanke over the costs of regulation in a public debate in June, then followed up by arguing with Bank of Canada governor Mark Carney during the recent IMF/World Bank meetings in Washington. Dimon has also warned that some reforms are “anti-American”.
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The Native American reservations of three northern US states are on the brink of an oil boom that could reduce global concerns about the future supply of oil. Helen Avery talks to a private equity venture that hopes to produce triple-digit returns for investors while ensuring the Tribal Nations are not swept aside in the rush for oil.
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As the industry faces up to more stringent regulation in the west, the mood at this year’s Sibos convention was extremely mixed. That’s why many bankers are turning to emerging opportunities, most notably in Asia and Latin America. Nathan Collins reports from Toronto.
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While banks at Sibos were focused on the changing nature of the regulatory landscape in the developed economies, together with the potential gains to be made in the emerging markets, what were the corporate clients talking about?
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Asset owners and managers are signing up to a series of principles on how they invest in agricultural land. Will this mollify critics of the land grab? Nick Lord reports.
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In an historic reversal of the old order, corporate treasurers are now assessing the risk profiles of banks before doing business with them. And some leading companies are so worried about the state of the financial sector that they’re even considering setting up their own bank. Louise Bowman reports.
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Foreign exchange volumes in the multi-dealer e-trading market are soaring. Competition to be the application of choice on end-users desktops is heating up. Can Bloomberg steal a march through its ubiquitous terminals? Hamish Risk reports.
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As corporate executives make cash management an increasingly important part of their treasury function, so transaction banks are realigning their businesses. Now it is increasingly part of the overall corporate relationship. Laurence Neville looks at the models the leading banks are adopting.
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The hunt for yield is driving emerging market investors ever further down the corporate credit curve. But, with domestic bond markets booming and local banks awash with liquidity, can supply keep pace with demand? Lucy Fitzgeorge-Parker reports.
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The country is proving a tough nut for private equity practitioners to crack. Guy Norton reports from Almaty on the challenges facing the alternative investment industry.
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Top corporates are the new kings of the debt markets. Many are trading through sovereigns. Investors are desperate for their paper. But while US treasurers lock in historically low funding, their European counterparts are simply sitting on their cash piles. Louise Bowman investigates why, additional reporting by Helen Avery.
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Having secured permanent capital just before the big equity market sell-off, Glencore now has the financial strength to boost production and acquire cheap mining assets. In the long run, shareholders should reap the benefits. For now, they’re still licking their wounds after the Swiss firm’s record-breaking IPO. Peter Lee tells the inside story of the deal of the year.