Emerging Europe

The top six firms in terms of market share are all universal banks which have been less impacted by the credit crisis than some of their more wholesale-focused counterparts. The message is clear: balance sheet counts.

The Russian government has launched a charm offensive in preparation for the sovereign to return to the international bond markets after an absence of more than a decade.

Successful issues in debt and equity markets; State sales key to covering budget deficit

It’s the year that just keeps giving for fixed-income traders. But the growing intensity of the race to exploit this state-sponsored boom suggests that there will be significant disruption when the FICC festive season ends.

CDS holders want say in restructurings; Further credit events likely

The country’s investment banks are encouraging firms to take a longer-term view of risk management and funding. Change is happening, but from the top down. Nick Kochan reports.

Hong Kong flotation to mark Russian first; Debt restructuring key to planned IPO

Troika Dialog deal strengthens Standard Bank’s emerging markets presence; Troika Dialog gets better access to Standard’s balance sheet and links to China’s ICBC

Alliance Bank’s steering committee agrees to terms of restructuring; Government to avoid assuming all liabilities

Economic conditions may appear to be easing, but the region’s biggest challenges still lie ahead.

Hybrid capital may no longer be welcome in the US and Europe but it is playing a valuable role in the emerging markets.

Ankara ought to reveal the source of a $15 billion windfall in its budget.

SW Asset Management, a new fixed-income fund, is demonstrating its enthusiasm for emerging market firms by investing in their debt and exploring the credit default swap market. Dominic O’Neill reports.

Regional and multi-regional cash management banks have a chance to expand their markets and force global providers to rethink what they offer. Will they seize their opportunity? Laurence Neville reports.

Terms of bond offer announced; Company has 21 days to complete restructuring

Tough medicine has been doled out at Citi since the arrival of Derek Bandeen as head of global equities trading last summer. After a blunt diagnosis of the problem – too many people doing the wrong things – the global equities division went through a dramatic shake-up in which it shed just over a quarter of its staff.

Two former JPMorgan bankers have launched a hedge fund that invests in fixed-income instruments in Russia, Kazakhstan and Ukraine.

Along with its peers Russia’s Alfa Bank has been battered and bruised by the financial and economic crisis. Its president, Petr Aven, tells Sudip Roy how the bank is battening down the hatches.