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Corporate finance: Brufau steers Repsol away from risk

The process of restructuring struggling enterprises in this downturn will be different not only because of the nature and number of stakeholders in each deal, but also because new players are present at the restructuring table.

Global stock markets are at their cheapest for 25 years. Belated measures taken by the US authorities, and possible stimuli from the new Obama administration – and not forgetting a proper historical analysis – show rewards will come in 2009 for those brave enough to buy, writes Charles Dumas.

"There are concerns that bonuses may increase the appetite for risk," warned Anthony Bellchambers of London’s Futures & Options Association in a prophetic comment from a January 1998 Euromoney, ‘The end of the bonus bonanza?’

Arab Bank: It’s all about liquidity

Euromoney was emailed this from a Wall Street contact:

Investment bankers are struggling in so many ways. The operating environment is far from rosy. Round after round of redundancies are announced and yet even those spared the black-bin-liner treatment are left wondering whether they might have drawn the short straw – the business is not going to be much fun for the few left behind. For those who do have jobs, such is the disdain in which the profession is held by the general public that many are finding themselves having to lie to avoid discomforting situations.

It wasn’t all gloom as a post-crisis financial world looked forward to a belt-tightening 1998, though: one reader found time to send a poem eulogizing the euro before its launch. Perhaps Ms Opal Innsbruk’s ode can encourage in these dark times as it did over a decade ago:

"I was going through passport control and they asked me the purpose of my visit and what I did. For the first time in my career, I thought "I can’t say I’m a banker, I’ve got to say something else – maybe I can tell them that I’m a doctor."

In 2009 corporate issuers are likely to join financials in seeking to push through equity issues aimed at repairing balance sheets. Intricate measures might be needed to attract investors. However, IPOs look set to be less thin on the ground than in 2008 – at least by mid-2009. Peter Koh reports.

In the past few months the Russian capital markets have been hit by a rush of selling as spooked investors head for the exit, sending valuations into free fall. Guy Norton reports from Moscow on what lies in store.

In this downturn, corporate restructurings will be driven by problems at the banks rather than the struggling companies themselves. Louise Bowman explains why.