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  • BANKING
    Hong Kong: Let's learn about hedge funds
    Hong Kong's financial secretary Donald Tsang, who successfully used market intervention to see off speculators, has warned his peers against overreacting to the threat posed by hedge funds.
    November 01, 1998
  • BANKING
    Depositary receipts: Europe gets its own ADR
    Since 1927, when the first American depositary receipt was launched by JP Morgan for UK department store Selfridges, thousands of non-US companies have used ADRs to list in New York. This has enabled them to sell their equity to US institutional and retail investors in a manageable form. In 1990, global depositary receipts (GDRs) were created for companies that wanted to list and trade on other exchanges, notably London and Luxembourg.
    November 01, 1998
  • The cutting edge of credit
    Credit analysis based on equity prices is the basis of models built by KMV Corporation to log expected default frequencies (EDFs) for single companies and credit portfolios. Is this state-of-the-art or already passé? Euromoney editor Simon Brady grills KMV CEO David Nordby, and managing director Peter Crosbie, on the models' vices and virtues.
    November 01, 1998
  • Back to the age of defaults
    Russia will probably default on its Eurobonds. Other sovereigns may well do the same. That's not such a big deal, say the markets. It's all in the price. But are they ready for the consequences? The Euromarkets have grown up with the idea that Eurobonds are immune from rescheduling. But every debt crisis in history has been messy; the instruments involved have been discredited for years. What happens when international bond default becomes normal again? Antony Currie reports.
    November 01, 1998
  • When triple A is not enough
    It's a tough time for issuers in the Eurobond markets. So tough that only the big agencies and supranationals are getting much of a look in. Even they, though, are having to bend to the wind, issuing at wider spreads, making quasi-private placements and reopening existing bonds. Are nervous investment bankers offering them poor value? Marcus Walker reports.
    November 01, 1998
  • Netherlands: Enter Fortis – the fourth force
    The sale of ABN Amro's merchant banking subsidiary, MeesPierson, has long been expected in the Netherlands. Selling it to the Dutch-Belgian group, Fortis Investments, has raised a few eyebrows, but is it part of a wider strategy that Dutch financial institutions are following to position themselves for the coming of the euro? Antony Currie reports.
    November 01, 1998
  • Opinion
    Why cutting rates won't work
    Global interest rates are falling, and will fall dramatically. Alan Greenspan has already cut rates by 0.5%, with one surprise cut in between meetings of the Federal Reserve. And the Fed is going to cut some more this month.
    November 01, 1998
  • BANKING
    Letter: IMF is no supercop
    Sir,
    November 01, 1998
  • BANKING
    Bonds with a Boxster boost
    Marketing strategies in the newly competitive Italian banking sector are becoming increasingly bizarre - the latest ploy is a lottery linked to a bond issue that offers Porsche cars as prizes.
    November 01, 1998
  • BANKING
    Thailand: Big buy-in boosts securities houses
    Just a handful of finance and securities companies in Thailand remain independent after a year in which foreign players have virtually taken over. "It still takes some time for acquirers to get their feet under the table, but change it will," says Philip Adkins, research head at Seamico Securities, one of the few remaining independent brokers.
    November 01, 1998
  • Reasons to be cheerful
    Have we seen the worst? That's the question bankers, issuers and investors are asking after the spectacular recoveries in several emerging stock markets and the reopening of various sectors of the bond and equity markets.
    November 01, 1998
  • Targeting the family firm
    September's successful flotation of wine producer Federico Paternina reflects the IPO potential for family-owned companies in Spain. Although recent volatility in the stock market has slowed the pace of change, many other small to medium-size companies are poised to go public in response to increased global competition. Jules Stewart reports
    November 01, 1998
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