Emerging Europe

The appeal of the transaction services industry for new talent has never been higher, as high-impact, pejoratively dubbed 'casino' investment banking job opportunities vanish. Technologic nous and an ability to navigate new client demands – amid market and regulatory shifts – are key skills that budding transaction bankers must develop to make their names in the industry.

Refocus on growth regions; CEE insurance sector consolidating

Allegations linked to film star girlfriend; CEO had overseen IPO boom

Finance minister commits to central bank independence; Targets global liquidity, bilateral support

According to a recent note by Bank of America Merrill Lynch, the great rotation is here. Bonds, quantitative easing and deflation are losing ground as risk appetite and growth, albeit tentative, pick up. 2013 will see equities, banks, value stocks and stockpickers rising up the ranks.

There has been much focus on the demise of the euro as a reserve currency, but it is too early to write off the single currency.

The sell-off in the JPY has been dramatic in recent weeks but the announcement that Tokyo intends to buy European Stability Mechanism (ESM) bonds should not be seen as soft intervention by the Japanese authorities.

Axel Merk, president and chief investment officer of Merk Investments, strikes a bullish note on the single currency’s prospects, citing lower government bond yields.

Published in conjunction with the Ministry of Treasury of the Republic of Poland, Bank Zachodni WBK, Ministry of Finance of the Republic of Poland and Energa

The country’s entrepreneurs are increasingly drawing on private bankers’ skills as they seek out new sources of income and ways to pass on wealth to younger family members.

The Russian government’s desire to build an international financial centre in Moscow is genuine. However, the government’s market infrastructure reforms are also driven by other short-term and long-term motivations. Short-term concerns centre on a reluctance to lose out to rival markets in central and eastern Europe. “Other CEE countries are competing hard for foreign investment and investors,” says Alex Krunic, head of product sales for direct custody and clearing at JPMorgan. “Poland clearly has positive momentum: it is number one for IPOs in Europe in 2012, number four by value of IPOs and number nine by cash equity value.”

There are good strategic reasons for Sberbank to be concerned about the growth of such operations as Tinkoff and Home Credit: and good reason for a counter-attack. Tinkoff, Home Credit and Russian Standard are all at their strongest outside the main cities: regions where Sberbank, as the former state savings bank, has in some cases had almost a monopoly.

Now extended from a laggard emerging Europe to post-revolutionary Arab countries, the EBRD’s mandate has never been so stretched. But the multilateral lender’s new president, Suma Chakrabarti – its first British head – says that under him the institution has what it takes to change and fulfil its role.

A central securities depository, liberalization of the local bond market, movement to T+2 settlement and a stock exchange merger – it’s all very welcome in Russia’s capital markets. But work remains to be done if its infrastructure is to catch up with its peers.

A trio of successful listings out of emerging Europe has boosted bankers’ hopes of an equity primary markets renaissance in 2013, with prospects for further supply from Russia, Turkey and beyond.

Oleg Tinkov is at the forefront of the consumer-banking boom that is changing Russian finance. Tinkoff Credit Systems encapsulates all that is innovative – and risky – about the sector. This bank and others like it have everything the state banks lack. But in Russia that can mean trouble.

Similar deals to follow Vivacom buyout; eyes Bulgaria’s transport privatization

Russia must employ careful persistence in its movement towards a floating exchange rate.

$45 billion cash for TNK BP; Bond markets wait for more

Earnings and GDP data disappoint; Mirrors pan-CEE picture

The Central and Eastern Europe Stock Exchange Group is looking for partnership opportunities with the Warsaw Stock Exchange, says Michael Buhl, joint CEO of the CEE bourse.

Citi's drive to slash costs highlights CEO Corbat's bid to assuage shareholder angst.

Commitment key to success in samurai; More Latin American issuance likely

Analysts, investors agree move overdue; Moody’s tipped to follow

John Hyman named CEO; Jennings refocuses on Africa

Bonds rise on announcement; Recovery-note holdouts threaten resolution

Depository law proves final hurdle; OFZ spreads tighten on foreign buying

A wave of lower tier 2 issuance will not deal with Russian banks’ strained capital levels.

As international appetite for Turkish risk has risen, 2011 and 2012 have been record years for bond issuance by Turkish banks. Some of Turkey’s biggest banks have issued Eurobonds for the first time over the past two years and many are following up with additional issuance now.

With the authorities having achieved a lowering of the current account deficit, expectations for growth in Turkish bank lending are rising again. Quantitative easing has let loose new capital flows into the country, but the dearth of longer-term funding is more serious than ever.