December 2015
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LATEST ARTICLES
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Investor access, for the first time, to a basket of Indian public-sector bonds through an ETF listed in London has elicited sceptical groans, not because it poses liquidity risks or that corporate governance and transparency of the underlying securities barely conform to international best practice.
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Three days before Facebook’s market debut in May 2012, underwriting banks increased the IPO price range from between $28 and $35 to between $35 and $38 and the deal was priced at $38.
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A year ago, we at Euromoney marvelled at the near perennial progression of personages passing through the portals of Bucharest’s finance ministry in the 25 years since Romania’s tyrannical Nicolae Ceaucescu was toppled: 21 finance ministers since 1989.
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“Fixed income is the area in the firing line because it used to make so much of the money but now accounts for so much of the leverage”
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Banking supervisors and other regulators are determined to bring so-called shadow banking within their purview.
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New specialist liquidity providers are nibbling away at the share of the big universal banks in more and more parts of the FICC markets. In swaps, government bonds, foreign exchange, credit, and in securities financing and repo, new entrants are on the march, stepping up to fill the gaps left by the retreating banks. Tech savvy, led by quants and data engineers rather than the expensive traders sitting on the scrap heap of most banks’ inferior tech, the new entrants now just need people with the skills to win over large numbers of customers.
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Britain’s renegotiation of its relationship with the EU could be a good thing for Europe too.
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Sometimes bank PR boils down to a simple question: what does ‘is’ mean?
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Clydesdale Bank has been nothing but trouble for National Australia Bank for much of the past decade. Now it is to be cut loose via a demerger and IPO. New CEO David Duffy insists he can make Clydesdale a genuine challenger to the big six UK banks.
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European Central Bank president Mario Draghi has been dropping further hints that he is considering unconventional measures to combat deflationary pressures in the region. This sets the stage for potential central bank buying of European corporate bonds, which in turn raises the question of whether there will be opportunities for nimble investors to game a new ‘Draghi Put’ for corporate credit.
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Jes Staley can add an entry to his ‘to-do’ list for December 1, his first day as CEO of Barclays: send all staff an email about how to send emails.
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Commercial Bank of Dubai pays up; Gulf Investment Corporation cancels deal.
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Pricing slashed as emerging market IPOs struggle; political in-fighting ‘threatens Georgia’s reform record’.
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Meek year-end further weakens annual total; euro deal resurgence brings some cheer.
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Record low yields for sovereign’s recent deals; slowing economy, deteriorating fundamentals.
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Gao urges SOE defaults; financial reform should precede capital liberalization.
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Bank cuts business in five countries; Brazil spared but offering diminished.
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Dollar dominance continues; RMB inclusion in IMF reserve basket symbolic.
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New Asia lender caps lending at $100 billion; dollars, not RMB, will fund projects.
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ECM re-emerges from lengthy slump; foreign investors jump on slew of mid-sized IPOs.
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The big US brokerages are losing market share to independent wealth managers. To stop the rot, the wirehouses must rethink almost every aspect of how they do business.
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HSBC latest to pledge green bond investments; Barclays hits £1 billion target and promises more.
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In October 85% of listings priced below range; healthcare dominates but has returned -6.2%.
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With interest rates at rock bottom, even the best banks in Europe are struggling to find new ways of boosting profits organically. The continent needs to consolidate, and at the hands of its better-run banks. Euromoney takes a close look at price-to-book values to see which those banks might be – and which deals could get put together as regulatory uncertainty clears and M&A activity picks up.
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Proliferation of $3 billion-plus deals, smaller deals and after-market performance struggle.
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S&P shift hits €20 billion of bonds; issuers waive call rights to retain equity credit.
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Low oil price no bar to expansion; international business up 13% year-on-year.
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Italy, Austria, Germany take brunt of 18,000 job losses; lingering capital doubts overshadow efficiency drive.
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Senior bondholders pushed into recapitalization; foreclosure debate highlights political risk.
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In the second half of 2015 hype around the potential for shared ledger technology to transform banking rose to a peak. Now comes the hard work as banks and fintech companies seek to put test cases into actual use. As the first practical applications begin to emerge, Euromoney surveys the banking market to ask what’s next for the blockchain.
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China is pushing ahead with capital account reforms but it needs to make sure its own house is in order first.
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It might not have been a big player in Latin America, but Deutsche Bank had a reputation for sticking through the hard times.
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Proposed privatizations in central and eastern Europe need to be viewed with scepticism, as they have a habit of disappointing.
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Impressive growth could stall if dynamic local businesses don’t benefit from an opening up of the banking sector.
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As direct and co-investment continues to grow, private equity firms must brace themselves for a fundamental change in their limited partner relationships.
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Old-style market makers are under serious threat from non-bank dealers.
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In Adel Al-Ghamdi, Saudi Arabia had an impressive cheerleader for its plans to open up its stock exchange to foreign investors, who warmed to his open, engaging style. So why did he suddenly resign?
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The need for European bank consolidation is clear. Southern European banks are numerous small and poorly valued. But the good news is that consolidation is getting under way in Italy and the Iberian peninsula – particularly Spain. Bank M&A could accelerate, if and when regulatory uncertainty clears.
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Saudi Arabia is six months into its programme to attract international institutional investors to its stock market. The verdict so far: an impressive willingness to listen and communicate, but slow progress in terms of getting any money in.
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The government insists that its banking sector will remain closed to external investment. But can the country’s economy thrive without better access to international credit?
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Road-building is a classic tool to boost a flagging economy. But as Luis Fernando Andrade, president of Colombia’s national infrastructure agency, tells it, it isn’t plain sailing.
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With a struggling economy, Brazil will continue to rely heavily on its state development bank to provide long-term finance for crucial infrastructure projects, unless private-sector alternatives can be found.
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In all financial markets, the biggest customers for liquidity providers are often other dealers.
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The $150 million fine imposed on Barclays this week for abusing its last-look policy on clients' currency orders until as recently as three months ago signals another nail in the coffin for the controversial practice, say analysts.
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Euromoney Country RiskA new government emphasizing Hungarian-style nationalist, unorthodox policies with increased public spending has raised uncertainty over Poland’s risk profile. However, the sovereign borrower is in a strong position and is less indebted than Hungary.
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The sheer volume of legal documents pertaining to new regulation that banks must read and take action on across their businesses is a daunting and ever-growing mass that, if printed and piled up, ‘would stretch for a kilometre into the sky’.