October 2012
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LATEST ARTICLES
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Regulators have regained their reformist muscle in the shape of Mark Carney, Bank of Canada governor and chairman of the Financial Stability Board. In a wide-ranging interview, Carney talks about recent banking scandals, the Volcker Rule, and why fears about Basle III are wide of the mark.
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Padraic Fallon, Euromoney Institutional Investor’s chairman and editor-in-chief, has died at the age of 66. Euromoney’s editor Clive Horwood remembers a true legend of financial journalism, reviews the legacy he has created and recalls the qualities that made Fallon such a unique and successful person.
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The Philippines’ secretary of finance, Cesar Purisima, has a reputation for probity that has reached street level. And he is determined to rapidly advance economic growth through the encouragement of entrepreneurship, the development of capital markets and increased regional integration.
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Euromoney surveys cash managers, treasurers and financial officers worldwide. This is the most comprehensive guide to the cash management arena in the market.
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Despite the constraints of some banks’ reorganization and forced restructuring, as well as prolonged low interest rates, transaction banking has become a vital contributor to revenues. Those with a strong presence in the business would like to push harder still.
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Moody’s downgrades sovereign; Urge to broaden employee shareholding
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Small banks reduce lending by $100 billion; Crowdfunders join banks to source loans
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Mexichem demand remarkable; Brazil economy slows; still dominant
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"The problem for the hedge fund industry is finding alpha, which at the moment is as rare as rocking-horse shit"
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State raises $5.2 billion; Clears way for Promsvyazbank, VTB
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We could build capital to the moon and we would not have to worry about an institution failing, but the economy would not be there”
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Loans and bonds managed together; Senior secured credit broadens buyer base
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FFL scheme cannibalizes ABS; SME lending remains elusive
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If there is one thing the financial markets love, it is an acronym. The boom years before 2007 spawned a dizzying tsunami of them – largely in the structured credit market where the shortcomings of the CDO squared or the CPDO became all too apparent.
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Amid all the gloom around the difficulty for small businesses of raising bank funding, Euromoney is delighted to receive notification that Tortilla – a chain of fast-casual restaurants selling Californian-Mexican food in various City locations, including Canary Wharf, Leadenhall Market and Bankside – has just negotiated a £2.25 million loan from Santander Corporate bank to fund its continued expansion.
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Investment bankers travelling home in the City one evening at the end of September were treated to a shocking sight: that of beaming, tie-less Mike Sherwood looking straight at them from the front page of London’s Evening Standard newspaper. Woody was surrounded by young school-leavers from London’s capital, who were lined up to take part in a new apprentice scheme endorsed by The Standard called ‘Ladder for London’. The aim is to give smart kids from deprived inner-city areas a chance of a successful career.
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Service enables trading on news; High-end product will eventually reach retail
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A country’s credit rating can have unusual ramifications, as an anecdote from the hugely quotable former Colombian finance minister Juan Carlos Echeverry makes clear. His finance team was on a roadshow for an international bond issue when the news came through that Colombia had received its first investment-grade rating.
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Flurry of deals pushed through; IPO revival ‘could be derailed’
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Investors look to triple-B for yield; Corporates to follow sovereigns’ lead
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Cruzeiro del Sul’s liquidation damages central bank’s reputation; Scrutiny ‘will unveil irregularities’
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$10 billion debt restructuring; New stage for Dubai Inc workout
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Daily cost analysis coming; Protects against client litigation
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Sovereign/high-grade still have international appeal; High-yield issuers relying on domestic debenture boom
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Bank enjoys structural bull run; Temasek sale easier said than done
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Basle III forcing structural shift; SME sector key growth segment
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Prices at 5.625%; Issuance increased to $750 million
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Broader investor base spurs historic issue; other foreign banks to follow suit.
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Top-ranked foreign exchange house Deutsche Bank aims to consolidate its leadership with a new twist on APIs. Rivals say the development is spin rather than substance. In a market where technology plays such a vital role, they’ll be hoping they’re right.
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The resignation of the Shoman family could herald a turning point for the pan-Arab lender.
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Deutsche Bank, JPMorgan and Barclays continue to slug it out at the top of the market-share tables for crisis-hit credit trading. But when it comes to quality over quantity, RBC Capital Markets is the firm to watch.
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Jain and Fitschen will hope to find new strength around a core of fixed income, transaction banking and AWM.
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Regulators seem to have the upper hand in the battle over bank leverage ratios.
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Deutsche set for heavy cost-cutting; Sets new 12% ROE target
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Leading banks are slashing jobs. FICC looks likely to bear the brunt.
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As Wall Street praises the departing Goldman Sachs CFO, questions about the CEO succession start to loom.
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Peru is seemingly oblivious to the regional and global slowdown. Despite his country’s economic vitality, Julio Velarde, governor of the Peruvian central bank, is keeping a wary eye on a darker global horizon.
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A risk-aware strategy has allowed Société Générale’s operations in central and eastern Europe to perform relatively well overall since 2008. But its portfolio is a mix of good and bad, big and small businesses. And after the eurozone crisis, does the French bank have what it takes to achieve its ambitions in the region?
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Low rates for borrowers and investors’ search for yield are hardly new phenomena. But suddenly, in the US, the two have combined to create feverish bond market activity for local and foreign issuers alike. How long can the DCM boom last?
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India’s business leaders are increasingly concerned about the will of its political elite to drive economic growth. They see a country trapped between its past and its present, and a financial system that is quickly losing its reputed potential to be a leading global market. What can stop the rot?
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The stunning win by the European Ryder Cup team at Medinah Country Club ranks as one of the greatest sporting turnarounds of all time. This is a tournament where players wear their national colours, rather than those of their sponsors. But many financial institutions do sponsor golfers in their regular day-jobs. So which did best at Medinah?
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The liquidity-starved corporate bond market desperately needs to find a post-regulation equilibrium. Banks just can’t commit capital to market-making. So the smarter investors are looking at ways of delivering it themselves