June 2008
| Euromoney June 2008 These are happy days for mezzanine lenders. Having been excluded from the LBO boom of recent years they are now the first port of call for sponsors in the brave new world of leveraged finance. But how long will the mini-boom last? Louise Bowman reports. - Mezzanine finance: Lenders rewrite their terms of engagement
One of the many things that got forgotten during the LBO boom was that mezzanine is a risky product. - LBO market braced for messy restructurings
Anyone with a brief to outline the benefits of mezzanine lending over the hedge fund and CLO money that recently replaced it could do worse than sit back and wait for the first wave of recent LBO deals to go wrong.
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Euromoney June 2008
Many voices have called an end to structured credit. And yet, amid the continued retrenchment and fallout from several years of excessive activity, there are signs that this structuring technique is far from dead: its proponents are merely reshaping the technology. Alex Chambers reports.
Euromoney June 2008
The billionaire investor is one of the world’s most successful buyers of distressed assets. He talks to Sudip Roy in New York about value destruction, a Middle East partnership and his strategy for the future.
Euromoney June 2008
The European Commission’s threat to restrict emission credits could fatally hurt the growing carbon market. Peter Koh reports.
Euromoney June 2008
Much of the focus on the credit crunch has been on the biggest financial intermediaries, but fixed-income investors were also shaken. Alex Chambers finds out what the biggest players think are their opportunities and challenges.
Euromoney June 2008
After a year that has been ruthless in its revelation of sub-par debt services, the Euromoney debt poll reveals which banks have managed to survive the credit crunch with their reputations, and their client bases, still intact.
Euromoney June 2008
The credit crunch has brought the benefits of a strong, experienced debt house into stark perspective, and there has been a realization that not all investment banks and their services are equal. Jethro Wookey reports.
Euromoney June 2008
Who’d be a DCM head in 2007 or 2008? These bankers would. Alex Chambers finds out what the head officials at leading banks think are the key lessons the market has learnt and what the future holds for debt capital markets.
Euromoney June 2008
When BlackRock announced in May that it would be buying $15 billion of UBS’s sub-prime mortgages, for some market participants it signalled the bottom of the mortgage-backed securities market. But house prices are still falling. Is US real estate still too risky? Helen Avery goes doorstepping.
Euromoney June 2008
The commodity price boom masks fundamental questions about the value of commodity investments in a portfolio, the choice of commodities and the most constructive use of indices. Euromoney’s debate panel grapples with the crucial issues.
Euromoney June 2008
Companies must guard their cash more zealously than ever before and deploy it more efficiently as economies slow. Banks with the right products to help them will prosper. Those don’t include high-yielding cash funds. Peter Lee reports.
Euromoney June 2008
Despite conflicting views on the state of the economy and uncertainty caused by political unrest, banks are riding high on mortgage lending and consumer loans. There is still huge untapped potential for credit cards. High interest rates remain the fly in the ointment, however. Julian Marshall reports.
Euromoney June 2008
New president Ma Ying-jeou is intent on improving relations with the People’s Republic of China, with likely benefits for business, especially in financial services. Chris Wright reports.
Euromoney June 2008
When a medical doctor with close ties to former prime minister Thaksin Shinawatra was appointed as minister of finance many were surprised. Surapong Suebwonglee has worked hard to woo Thai people and foreign investors with tax cuts, capital markets reforms and a focus on growth. Lawrence White met him on the sidelines of the Asian Development Bank meeting.
Euromoney June 2008
High-ticket foreign purchases by Tata Steel and Hindalco have grabbed the headlines but India’s SMEs are also increasingly acquisitive. Cash-rich, or funded by enthusiastic local banks or foreign investors, they are taking advantage of turmoil in the US. Elliot Wilson reports.
Euromoney June 2008
Initial public offerings were just gaining momentum when turmoil stopped the market in its tracks. Jethro Wookey asks if the largest IPO in western Europe this year can get the wheels moving again?
Euromoney June 2008
Rasmala was created by one man: Ali Al Shihabi. The firm and its founder encapsulate the cultural fusion for which their home, Dubai, is famed. Dominic O’Neill profiles a company that specializes in the world’s fastest-growing financial market.
Euromoney June 2008
Permanent deal is the most exciting thing for a very long time.
Euromoney June 2008
Series of opportunistic buybacks is ruffling feathers in the loan market.
Euromoney June 2008
The recent burst of issuance in Spain appears to have run its course, but the news is better in Portugal.
Euromoney June 2008
Euromoney June 2008
Euromoney June 2008
The market has discovered that it’s not just about platform technology.
Euromoney June 2008
It is not that long ago that Barclays Capital dismissed the possibility that it would cater directly for retail foreign exchange business.
Euromoney June 2008
Euromoney June 2008
Euromoney June 2008
Hope to improve prices and minimize fees and impact on market.
Euromoney June 2008
The usually laborious task of bringing a new exchange traded fund product to market in the US looks set to become a thing of the past once new SEC rules come into play.
Euromoney June 2008
NYSE-Euronext is capitalizing on regulatory convergence to show issuers some of the benefits that it had hoped its transatlantic merger might be capable of.
Euromoney June 2008
The London Stock Exchange is launching a service to provide research coverage for the small-cap stocks listed on its main market and on junior market AIM.
Euromoney June 2008
20,000,000,000 -
8 -
8.7
Euromoney June 2008
Euromoney June 2008
Hindsight is a wonderful thing. But according to analysis by Riskdata, investors would have been able to predict funds that would lose money back in June last year had they used the right models.
Euromoney June 2008
The Middle East and north Africa will be the top-performing regions in 2008, according to a survey of 1,000 investors by Deutsche Bank.
Euromoney June 2008
Fortress’s first-quarter earnings sparked some concern among market participants but chief executive and chairman Wesley Edens says the worst is now over.
Euromoney June 2008
While some continue to debate whether the knife is still falling, others have decided that the distressed credit markets already offer an attractive investment opportunity.
Euromoney June 2008
Euromoney June 2008
Most US hedge fund managers are pessimistic about the US economy this year, according to a survey by Kinetic Partners.
Euromoney June 2008
Reaz Islam, head of Citi’s Falcon Strategies hedge funds, is leaving the bank.
Euromoney June 2008
Euromoney June 2008
Capital International Private Equity Fund V (CIPEF V) has closed with funds totalling $2.25 billion.
Euromoney June 2008
Star performers are not motivated solely by the chance to earn yet more, as the pending departure of Greg Coffey from GLG to start his own business shows. Neil Wilson reports.
Euromoney June 2008
Euromoney June 2008
It was all going so well. In the past three years the Philippines has been the poster child of emerging markets fiscal policy, turning a crippling deficit into an almost balanced budget. But having done all the hard work, its achievements might all be derailed, thanks to the soaring oil price and rising food prices.
Euromoney June 2008
In the face of global market turbulence, rising oil prices and rifts in the country’s rickety ruling coalition, Pakistan’s markets remain a rare sanctuary of stability for embattled investors and acquisitive foreign corporates.
Euromoney June 2008
Japan’s top companies are increasing dividend payments to shareholders and buying back stock in record amounts, according to new research from Nikko Asset Management.
Euromoney June 2008
Korea’s new government, led by president Lee Myung-bak, is committed to free market economics and business-friendly policies, according to the country’s top economic policymaker.
Euromoney June 2008
Malayan Bank, Malaysia’s biggest lender, has acquired 15% of Pakistan’s MCB Bank, Pakistan’s fourth-largest bank by asset value. This is the Malaysian bank’s third acquisition in Asia in two months and the largest banking acquisition in Pakistan.
Euromoney June 2008
Euromoney June 2008
Euromoney June 2008
Equity issuance volumes, especially IPOs out of Brazil, will pick up in the second half of the year, according to senior bankers in Latin America, after the credit crunch put a halt to the region’s four-year boom.
Euromoney June 2008
Never mind volatility in the financial markets. Latin America’s investment banking community has rarely seen so many senior people moving around as in the past few months – with the likelihood of more changes to come. Many of the leading international banks are shaking up their businesses either through big hires or internal moves to better target the region’s opportunities.
Euromoney June 2008
US listed asset management firm BlackRock has embarked on a renewed drive into Latin America.
Euromoney June 2008
Euromoney June 2008
Euromoney June 2008
Brazil plans a sovereign wealth fund.
Euromoney June 2008
Standard Chartered and the International Finance Corporation have joined forces to launch the first-ever issuance of credit-linked notes backed by loans to microfinance institutions (MFIs) in sub-Saharan Africa and South Asia.
Euromoney June 2008
Euromoney June 2008
Slovakia’s now near-certain entry into the eurozone in January 2009 should help bolster the country’s credit ratings and improve investor sentiment towards the country, say bankers.
Euromoney June 2008
Bankers say there will be further equity capital markets issuance from farming groups in Ukraine in the coming months.
Euromoney June 2008
The Angolan government wants foreign companies to divest part of their stakes in their subsidiaries to the country’s wealthiest companies as part of its strategy to localize key assets.
Euromoney June 2008
Mining company’s CEO hopes credit crunch won’t dent IPO and funding for expansion projects.
Euromoney June 2008
Blackstone Group has hired Kemal Kaya as a senior adviser for its Turkish operations.
Euromoney June 2008
Having been hit by a series of defections in recent months, Deutsche Bank has acquired a new head for its Russian business.
Euromoney June 2008
Kuwait Projects Company (Kipco) has decided to reorganize its financial services holdings.
Euromoney June 2008
Falling corporate cash levels show the credit crunch is starting to bite.
Euromoney June 2008
HBOS deserves the gratitude of its rivals for its attempt at a UK RMBS benchmark, but it may prove futile in the short term.
Euromoney June 2008
Revelations on Moody’s mis-rating of CPDOs could be the most damaging yet.
Euromoney June 2008
Asian investment banking thrives despite woes in Europe and the US.
Euromoney June 2008
The region’s importance could mean more banking officials relocating there.
Euromoney June 2008
Growing concerns about another default need to be assuaged quickly by the government.
Euromoney June 2008
A commodity boom masks fundamental problems in the Brazilian economy, observers argue.
Euromoney June 2008
A rights issue boom means investment banks have bizarrely profited from their failures.
Euromoney June 2008
Euromoney June 2008
Star money manager Bill Miller has framed the questions that the mainstream asset management industry must answer. Hedge funds will be rubbing their hands with glee.
Euromoney June 2008
Financial institutions’ woes are not at an end. Non-deposit institutions still have losses to book and the whole credit creation model is broken. So a quick and easy upturn from the credit crisis is not to be expected.
Euromoney June 2008
After the bleakest of winters, springtime in the debt capital markets was an especially joyous affair. In April and May there were record new-issue volumes in the US and a revival of the European market. That is good news for large financial institutions and the big underwriters.
Euromoney June 2008
Euromoney June 2008
Euromoney June 2008
Euromoney June 2008
Euromoney June 2008
Euromoney June 2008