2006 is looking good and less dependent on the USA.
Nobody in their right mind would spend the week before Christmas trawling through the credit outlooks for 2006 published by investment banks, so Euromoney has done it for you.
After earlier forecasting that European share prices would rise in 2006, Standard & Poor’s equity research now expects a 7% fall.
Citigroup, Morgan Stanley and RBS finance the UK pub party.
Technicals will turn negative and valuations widen this quarter.
Rash of strategic sales and IPOs planned.
If Mifid forces banks to physically trade illiquid bonds they publish prices on, they won’t risk their capital.
The Tokyo Stock Exchange found that a malfunction in its new and trouble-prone trading system prevented Mizuho Securities from being able to cancel the mistaken J-Com order.
Republic’s next challenge is to revamp its domestic debt portfolio.
Loss of guidance note 5 wording boosts shareholder leverage.
Concerned about growing inflationary pressures, Russia’s government plans to limit the amount state companies can borrow in international bond markets.
Tougher financing conditions are now making it harder to execute.
Latin American banks have come a long way since the financial crises of the 1990s and ordinary citizens are bringing their savings out from under their mattresses like never before.
Excitement over corporate hybrids has been replaced by hopes of a boom in M&A refinancing.
The Czech Republic’s PPF Group, which owns Home Credit and insurer Ceska Pojistovna, has managed to achieve top three positions in all of its countries of operation and with limited need for international financing.
India is fast becoming a remote front and middle office for the banking industry.
Innovation and wider investor participation continue apace.
Russia has an undeveloped equity market culture, so it is no surprise that there are few retail investors.
The National Bank of Abu Dhabi’s (NBAD) $850m floating rate note sold in December has set a new benchmark for the region’s issuers both in terms of size and spread.
EMEA to see further growth in asset-backed transactions.
Investment banks Nomura and Mediobanca are about to close Italy’s largest ever securitization of regional healthcare receivables, according to market sources in Italy and London.
Telecom Egypt kick-started the Egyptian government’s privatization programme by completing the biggest IPO from the Middle East and North African region in 2005 in December.
With their core jobs as trustees and paying agents commoditized, corporate trustees are relishing the chance to carve out a new role for themselves on structured credit deals.
Hybrids will drive investment-grade issuance this year.
Stephan Theissing is the treasurer of Allianz as well as its head of corporate finance.
Nicolás Aguzín’s appointment as chairman of JPMorgan’s Latin American franchise heralds a new strategy in the region.
A trader at Mizuho Securities in Tokyo accidentally sold 610,000 shares in J-Com for ¥1 instead of one share for ¥610,000.
Euromoney reports on the innovations driving the market forward, and profiles the winners of latest Islamic finance awards.
Siegfried Jaschinski has a grand ambition for Landesbank Baden-Württemberg to be a regional, if not a national, champion of wholesale banking in Germany.
Just as Schroders Investment Management joins the ranks of company pension funds to dramatically cut equity exposure, the debate about the merits of such moves is heating up.
As economic growth slows in 2006, more businesses are expected to fail, with the biggest increases likely in Germany, Japan, the UK, and the US.
The bond market might have underestimated the troubled issuer’s ability to realize investment-grade ambitions.
Kazakhstan’s three biggest banks dominate the industry, but there are opportunities for the country’s second-tier institutions.
Market dismisses concentration risk claims.