Euromoney 50th anniversary
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LATEST ARTICLES
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There were times in the late 1970s and 1980s when Japan dominated entire editions of Euromoney. We have seen it rise, fall and stagnate, with plenty of banking adventures and misadventures along the way. Here are some of the highlights of our 50 years of coverage.
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Trade finance and cash management may have come under the spotlight in the last 10 years since the financial crash, but these are businesses that Euromoney has covered since launch, especially focusing on how technology has the potential to transform the sector.
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The country’s risk scores have lagged its central European neighbours since the financial crisis. Is overspending in the mid 2000s entirely to blame, or should the Fidesz government take some responsibility?
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For those that work on them, every edition of Euromoney is special. We try our utmost to reflect the issues of the moment, to delve into the intricacies of the global financial system and never forget that our duty is both to inform and to entertain.
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Singapore’s emergence as a global financial hub is no accident, and has not happened overnight. The key, according to Ravi Menon – the managing director of financial regulator the Monetary Authority of Singapore – is to plan well, act decisively and, above all, listen.
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Systemic, contagious sovereign crises seem to have been consigned to history. Governments can raise funds more cheaply than ever and investor demand seems insatiable. But the banking sector remains a source of instability and new threats are emerging, such as trade wars. Is complacency the biggest threat of all?
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Some uncomfortable conclusions arise from a close look at Euromoney’s country risk data for Asia since 1982. India’s opening has been rewarded with a dismal decline in its score, while the overthrow of local dictators doesn’t appear to do much for economies either.
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In Africa, the more democratic a country is, the higher its Euromoney Country Risk score, but as the continent’s ECR grade stalls, African countries are diverging – politically and economically.
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One country showed the way forward for Latin American sovereigns nearly 35 years ago. Many have tried to follow. Have they succeeded?
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As the role of the European Bank for Reconstruction and Development comes under scrutiny in Brussels, president Sir Suma Chakrabarti mounts a vigorous defence of the bank’s unique business model and sets out his vision for its future.
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And just as tough to get an interview with those higher up the ladder.
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From governance issues to mounting competition, the World Bank faces myriad challenges, but its proponents remain convinced of its importance to the modern world.
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The World Bank’s influence on the growth of global capital markets is unquestionable, and no individual has played a more important role than its former treasurer, Eugene Rotberg.
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The World Bank is where finance and politics meet. The scope of its mandate and its ability to effect change have attracted some of both disciplines’ brightest minds to its presidency. But do the conflicting demands of the role mean that all careers at its head are destined to end in failure?
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Letters from editor Clive Horwood and managing director John Orchard.
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As Euromoney turns 50, we review the agendas of the some of the top CEOs in banking.
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Crossing bridges before you come to them.
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The father of international finance in the 1960s.
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For Euromoney's 50th anniversary issue, we picked out the six individual bankers that we believe define each of the decades of Euromoney’s existence. They are all giants of the industry. Their names transcend it.
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The first global banker, from the 1970s.
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Regulate big tech or deregulate banks.
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The technology pioneer of the 1980s.
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If you missed the US train, catch the one in China.
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Efficient banks will win the digital race.
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The best banking and capital-markets coverage deserves the best covers – here's a small selection of the most memorable from the past few decades.
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The giant of European banking in the 1990s.
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In 2005, Euromoney started its Off the Record column, because we had noticed that many bankers could not stop themselves from spouting hyperbole, humour and hubris when the conversation went 'on background'. Here are some of the choicest sound bites from the last 14 years.
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What is it like to run a leading bank today? What are the key lessons they have learned during their careers? Who are their mentors? And how will technology affect their business? Euromoney has been on a global tour of top bank chief executives to find out.
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Master of the merger of the 2000s.
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Digital banking blurs boundaries.
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1985: The era when the City of London went global (from the imagination of Jon Macaskill).
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2018: Euromoney was involved in the succession planning at Goldman Sachs and proposed a bold experiment in digital banking recruitment (from the imagination of Jon Macaskill).
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For 50 years Euromoney has provided unique stories on the biggest events in financial markets, and now we can reveal our secret – we were in the room at the time. Here’s how landmark events such as the collapse of LTCM and Lehman Brothers actually played out. From the imagination of Jon Macaskill.
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2008: While the GFC raged, Euromoney had an inside view as politicians on both sides of the Atlantic tried to save the banking system (from the imagination of Jon Macaskill).
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2006: In the approach to the 2008 global financial crisis, Euromoney became concerned about hidden risks and complications in the structured credit markets (from the imagination of Jon Macaskill).
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1998: As the 1990s came to a close, Euromoney spent time in the US with Sandy Weill and Jamie Dimon, watching as LTCM imploded and the Glass-Steagall laws were repealed (from the imagination of Jon Macaskill).
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The global banking industry looks stronger and healthier than at any time since the global financial crisis. It is not about to – and probably doesn’t want to – enter a ‘golden era’. Safe, stable, solid are the new watchwords. Responsible finance is good business. And good management is the key to restoring trust.
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From the City desk of the Daily Mail to a park bench in New York, via conversations with the pioneers of the Eurobond market, Euromoney was the vision of its founder Sir Patrick Sergeant. He managed to create what is now a billion-pound business empire while reinventing financial journalism. His is a remarkable story.
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Banking and capital markets in Asia, central and eastern Europe and Africa have been transformed over the last 50 years, but the change in Asia is particularly breath-taking.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Africa focus.
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For 50 years, Euromoney has followed the vicissitudes of a continent that has moved into and out of favour with international banks and grappled with developing its own capital market culture.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Africa focus.
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From digital banking to the retreat of international firms, the future of African finance will be determined within its own borders. That gives the region a much better chance of success.
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Africa has long had a fraught relationship with the capital markets – can the continent put that difficult history behind it and, crucially, fund the next stage of its development?
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Africa focus.
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Africa has the largest number of refugees of any continent – in Uganda, many of them are economically active, while others are excluded from accessing basic banking products. Euromoney finds out how integrating refugees into the formal financial system could benefit the country.
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The continent is trying to force financial inclusion at a time when international banks are leaving. It is a hotbed of innovation but still lacks essential infrastructure. So how should we look at banking in a modern Africa?
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As Africa becomes embedded in the global financial and banking system, our journalists have travelled to some of the most challenging local markets to highlight opportunities – but sometimes trips don’t go to plan.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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András Simor became chief executive of Creditanstalt Securities in Budapest in 1989. He was chairman of CA-IB from 1997 to 1998 and head of Deloitte Hungary from 2003 until being appointed governor of the Hungarian central bank in 2007. Since October 2014, he has served as CFO at the EBRD. He will retire from the bank in May this year.
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Leszek Balcerowicz served as minister of finance in Poland from September 1989 to December 1991, and again for three years from October 1997. He was governor of the National Bank of Poland from 2000 to 2007.
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From communism to unbridled capitalism, from command economy to chaos to convergence, Euromoney’s coverage provides a unique insight into an unparalleled half-century in emerging Europe.
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Ilhami Koç started his career at Isbank in 1986. He was chief executive of Iş Private Equity between 2001 and 2002, before returning to Is Investment as chief executive in 2002. Since November 2016, he has been chief executive of Turkish insurer Anadolu Sigorta.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Karine Hirn is co-founder and chief sustainability officer of leading emerging and frontier markets investment firm East Capital. She has been based in Hong Kong since 2010, where she heads the firm’s Asia operations.
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Euromoney speaks to 10 key figures who shaped the development of banking and finance in emerging Europe.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Viktor Gerashchenko served as chairman of the Gosbank from 1989 to December 1991 and head of the central bank of Russia from 1992 to 1994 and 1998 to 2002. He was chairman of International Bank of Moscow from 1996 to 1998 and Russia’s IMF representative 1998 to 2000. He was elected to the State Duma in 2003.
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Andreas Treichl started his banking career in 1977 at Chase Manhattan. From 1986 to 1993, he headed the US bank’s Austrian operation, before moving to Credit Lyonnais in 1993. He became chairman of the board of Erste Bank in 1997 and chief executive of Erste Group in 2008.
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Ivan Miklos was minister of privatization for Czechoslovakia from 1991 to 1992. He was minister of economy of Slovakia between 1998 and 2002 and minister of finance 2002 to 2006 and 2010 to 2012. Since 2016 he has served as adviser to the Ukrainian government.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Petr Aven served as minister of foreign economic relations for the Russian Federation between 1991 and 1992. He was president of Alfa-Bank Russia from 1994 to 2011 and is currently chairman of the board, a position he also holds at ABH Holdings, Alfa Group’s financial holding company.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Herbert Stepic joined Raiffeisen Zentralbank Österreich (RZB) in 1973. In 1978, he took over the group’s international banking division and from 1986 led its expansion into emerging Europe. He stepped down as chief executive of RZB’s legal successor Raiffeisen Bank International in 2013.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Well-capitalized, liquid and digitally sophisticated, banks in emerging Europe today are far from the clunking incumbents and fly-by-nights of the post-socialist era. A fragmented, diverse and politically volatile region is a challenge for smaller banks – is a new wave of consolidation on the way?
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Grigory Marchenko served two terms as governor of Kazakhstan’s central bank – from October 1999 to January 2004 and from January 2009 to October 2013. He was chairman of the board of Halyk Bank from 2005 to 2009. He retired in 2013 and divides his time between Barcelona, Baku and Almaty.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Since 2008, rising local players have gained the upper hand over risk-averse global investment banks in emerging Europe as the flow of larger deals has declined, but that could change as regional firms start to flex their muscles on the global stage and China looms large.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May CEE focus.
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Asia’s ability to adapt has made it the current engine of world growth. The next decades could see it become the leader in global banking.
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This is the region where fintech disruption has been most potent. Underbanked and with large populations comfortable with smartphones, Asia has been fertile ground for technology-enabled payments providers with a knack for crunching big data.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May 2019 Asia focus.
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As Asia’s share of world GDP and global capital increases, the trend among Asia-based banks is for regional rather than global expansion. The region’s leading chief executives explain their approach to growth.
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International IBs pride themselves on the diversity of their business in Asia Pacific, but a bank without a decent China business in this region is nowhere. It is the engine of both regional and global growth.
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The alphabet soup of multilaterals in the region has become hard to understand during the past decade, so Euromoney tries to read between the acronyms to assess what impact they will make.
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The Asian financial crisis of 1997/98 was the region’s most important event during Euromoney’s 50 years of coverage – those who experienced it share their recollections and what they learned.
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Five decades of Asia coverage have seen the rise and fall of Japan, the opening of China, the turmoil of the Asian financial crisis and the rocketing recovery from it, the emergence of local capital markets, and at least seven new dawns at Nomura. Here are some of the highlights from 1969 to the present day.
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Over the last 12 months, the New Development Bank has gone from concept to fully fledged lender. It says it wants to be differentiated by its nimbleness and focus on sustainability. Where does it fit in a changing multilateral landscape?
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In a rare interview, chief executive Lim Chow Kiat explains the investment discipline that underpins one of the world’s most influential and sophisticated funds – and his fears over the impact of a polarized political world on global investment.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus..
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus..
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
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Leafing through how the industry has changed this past half century.
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This month, Euromoney’s 50th anniversary coverage comes to the global capital markets.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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The early pages of Euromoney often saw odd storms blow up, apparently out of nowhere – and one of the oddest was the short but sharp squall over Eurocommercial paper (ECP).
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April 2019 capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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In business school they teach you that rising equity markets drive increased mergers and acquisitions activity, but perhaps it is really the debt markets that have driven the booms and busts in M&A. Some of the smartest practitioners in financial advisory look back over their careers.
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Market veterans discuss how innovation in derivatives helped to open debt markets, hedge risk and tailor investments, before threatening the stability of the system during the global financial crisis of 2008. Can that early spirit of creativity be harnessed for today’s markets?
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The LDC crisis, Black Monday, LTCM, the GFC – the past 50 years in global finance have been defined by disasters rather than successes. Why do banks and investment banks lurch from crisis to crisis – and will it ever change?
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Euromoney has covered every twist and turn of the capital markets since it was launched 50 years ago. Our archive serves as a history lesson for all practitioners in the market today.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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Big pools of private capital, led by sovereign wealth funds, private equity sponsors and family offices, now dominate capital formation in the key growth industry sectors of technology and biotech and the expanding markets of Asia. New tech will let networks of private investors connect and exchange it more easily.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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Few things age as ungracefully as technology, and the pages of Euromoney’s archives are a treasure trove of the weird and wonderful gizmos that banking has embraced.
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Pricing new issues on intuition and market feel is ancient history – artificial intelligence and algorithms are setting the market price for credit, using factors and correlations humans can guess but not follow. Is AI the latest black box risk that will bring illiquid credit markets low or could it make them more efficient?
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our April capital markets focus.
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Capital markets banks are investing heavily in technology, partly in response to the threat from fintech disruptors but also just to keep their businesses running. As their revenues come under pressure, they are starting to think about adding a new stream – selling technology.
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Capital markets bankers have spent much of the last five decades dreaming up products to help clients and themselves make money, but is process, which has largely taken a back seat, now becoming the battleground?
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Leveraged finance has contributed to plenty of crises over the last 50 years, and the market is bigger and deeper than it has ever been – does that make it more disciplined or more dangerous?
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When the newspapers of the day refused to publish prices from the new international bond market growing up at the end of the 1960s, Euromoney was founded to report on the business. The rise of international capital markets since has been astonishing, a driver of growth and development across the world but also a source of periodic crises. Euromoney has reported on market failures and resurgences, on great deals and disasters, and on pioneers and villains. Now, as markets still struggle to cope with the aftermath of 2008, we look forward with hope and anxiety to what might come next.
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The 50th anniversary issues of Euromoney are forcing journalists to take a broader sweep of the issues we cover than the usual month-by-month perspective.
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Recoveries, reschedulings, crises and scandal: no region’s financial markets have been as turbulent as Latin America’s over the last five decades. Euromoney had a ringside seat for all the booms and busts, and access to some of the colourful characters – from presidents to bank chiefs – that have tried to steer Latin America towards a more sustainable path.
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Working in Beirut in 1974 was a formative experience for Padraic Fallon, the long-serving editor and later chairman of Euromoney, and since then the magazine has set the standard for coverage of this often misunderstood region.
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After decades of trying, have LatAm’s central bankers finally steadied the ship? Mexico's Agustin Carstens, one of the monetary policy stalwarts of the region, takes stock.
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The region’s leading banks produce some of the best numbers in the global industry, and success in retail banking – and a hard-learned approach to risk management – are core; could the growth of digital banking bring a new era of change?
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Argentina is on a precipice, Venezuela has a humanitarian crisis and Brazil is just exiting its worst-ever recession – so far, so Latin America. But some countries have shown a path to sustainable growth and others are now grasping the nettle of reform. In a series of articles to commemorate 50 years of Euromoney, we speak to architects of previous recovery plans and to today's heads of the region's top banks and investment banks and ask: could an end to Latin America's long history of boom and bust finally be in sight?
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Since Roberto Setubal became chief executive of Itaú Unibanco in 1994, the bank’s growth has been spectacular – but the next stage is harder to target.
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While the region has proved its economic and financial resilience in recent years, it’s time to look ahead and become competitive for whatever the next 50 years will bring, says former Colombia finance minister Mauricio Cárdenas.
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Staying committed to a region where deal flow sometimes stops overnight is tough for an international investment bank. Local firms and the few foreign competitors that have stuck around hope to benefit from any upturn in business. The in-and-outers might find it hard to get back.
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Less than five years after Euromoney began, the Arab oil embargo gave international finance a shot in the arm and provided an extraordinary windfall to the Gulf, but as the oil boom has repeatedly turned to bust, commodity cycles have laid bare the vacuity of the region’s diversification programmes. Today, with local populations expanding, harder and less stable times could lie ahead if the region does not take more drastic action – even when oil prices bounce back.
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For nearly two decades Dubai has acted as the beating heart of Middle Eastern finance, but now its long-dormant rivals are mounting successful efforts to reclaim a piece of the action.
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War and revolution have shaped the Middle East’s recent history and have left their mark on the banking sector. Senior bankers reflect on the role crisis has played in their careers and on the region’s financial system.
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Islamic finance has come a long way over the past few decades, maturing into a $2.4 trillion industry, but some long-term problems remain and the recent wrangle over a Dana Gas sukuk shows credibility is still an issue.
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The region’s banks used to be small, local and low-tech – many still are – but in the future they will be altogether different beasts.
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Over 50 years, leaders of Middle East financial institutions have steered their businesses through very good and very bad times, including oil price crashes, rampant property and stock speculation, and war. Some key figures highlight the events they remember most and spell out lessons for the next generation.
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When a door opened to the secretive Rothschild enclave – January 1997.
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Deep dives: from record-breaking IPOs to architectural water features – September 2010.
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In a supposedly slow-moving industry, the amount of change in global wealth management over five decades has been remarkable.
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Mark Branson, chief executive officer of Swiss financial regulator Finma, talks to Euromoney about how tax transparency has changed the trajectory of private banking and how far regulation can go in curtailing misconduct.
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Mary Callahan Erdoes of JPMorgan speaks to Euromoney about being the port in the storm during the financial crisis and opening up the private wealth market to the whole investment industry.
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Morgan Stanley’s James Gorman has transformed the US wealth management industry through consolidation and a rigorous management approach.
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Jürg Zeltner, former chief executive of UBS Wealth Management, explains how the chief investment office was born out of chaos. Its introduction shifted not just UBS but the whole private banking industry to a model of professionalism.
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Tan Su Shan has led DBS’s efforts to become the leading home-grown bank for wealth management in Asia, during a decade in which the number of billionaires in the region has soared.
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The last 20 years of private banking have been all about building scale, international growth and professionalization; the top wealth managers are still getting bigger and are confident they have the right model – but as they struggle to maintain quality of service under pressure on revenues, new specialists are emerging.
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In each month of our anniversary coverage, we highlight the themes and markets that have defined the past five decades
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Nobuyuki Hirano is the world’s most recognized and most respected Japanese banker – and the chief executive of MUFG is an articulate voice on the demographic challenges facing Japanese banking and society. He believes he has charted a path through those challenges and is an internationalist in outlook. His aim is to make MUFG the world’s most trusted financial institution. Can he succeed?
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China’s Belt and Road Initiative is so vast and ambitious it can be difficult to understand how it will all work in practice – what makes a BRI undertaking, how will they be funded, will they be trophy projects or on commercial terms, how are they originated? – so Euromoney spoke to 16 institutions all looking at BRI from their own different perspectives.
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There are so many challenges related to climate change, so many disparate actors required for their remedy and so much money required to do it, that it is tempting to see the whole situation as unfixable. Perhaps that is why some of the countries most vulnerable to climate change are not willing to talk about it. There is one positive counterbalance: all the ingredients needed to meet climate finance goals are available. But getting the money where it needs to go, with private capital alongside, will require a level of global coordination rarely seen.
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Alibaba, Alipay, Ant Financial – by now everyone in banking knows the triumvirate of brands that have transformed financial services in China, and the domestic story is only the start. Going global will be Ant Financial’s biggest-ever test, with tougher markets, tighter regulation and a whole new world of risk management. But it is nothing if not ambitious.
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Arundhati Bhattacharya already had one of the toughest jobs in India as chairman of State Bank of India. Not only is it the country’s largest financial institution, but it is also woven inextricably into India’s social fabric. She has made her job harder still by proposing a seven-sided bank merger. But as technological innovation increases and as asset quality plunges across public banks, bigger may not necessarily be better.
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Results index It is time to acknowledge a home-grown banking champion that, while still lacking the pan-Asian scope of some international rivals, has demonstrated consistent excellence and a commitment to innovation. At a time when many western banks are in retreat from Asia, it is right to applaud one that is increasing market penetration almost everywhere it attempts to do business.
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Default? What default? Asia Pulp & Paper, Sinar Mas and the Widjaja family, once pariahs of the international financial markets, have bounced back with a vengeance. Are the memories of the banks financing them too short? Or are they backing a group that can deliver on both its repurposed business and environmental credentials?
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The saga of scandalized Malaysian sovereign wealth fund 1MDB has drawn in many high-profile figures from the country’s establishment. None more so than a flamboyant, Hong Kong-based tycoon. But the self-styled Jho Low denies all involvement in 1MDB. Now he’s ready to publicly defend himself – and point the finger of blame at others.
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Private Banking and Wealth Management Survey 2015: US leaders march on Swiss banks’ global territoryThe playing field in private banking has levelled out and the US banks committed to a global business now compete on even terms with the Swiss. From here on it will be technology and superior asset allocation advice that determine the winners.
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Meet the new stars of private banking: the global chief investment officers. Wealth managers know they have to provide more to clients than a safe place to deposit money and a close relationship with families and individuals. They are moving to an asset-management-based approach, and CIOs are key to the strategy. But can a house view really increase profits and win over clients?
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Singapore matters. The city-state continues to blaze a trail for the region by shifting its growth model in favour of productivity, securing its presence at the top level of international financial diplomacy. Tharman Shanmugaratnam, Singapore’s finance minister – and Euromoney’s Finance Minister of the Year 2013 – outlines his reform agenda and issues a sharp warning on reform inertia in the region, China’s growth model and destabilizing capital flows.
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It’s an article of faith in investment banking that Asia is the future. It is where the growth economies are, the dynamic young populations, and the most vibrant trends in trade and market development. But global bank HQs need to temper their expectations.
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With public spending being cut, wealthy individuals are putting more of their philanthropic dollars to work through social-impact investing. Companies are being set up to provide advice and products, and the private banks need to get on board.
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The financial crisis proved almost as tough for wealth managers as it did for investment bankers. They have worked hard to redeem reputations and improve services. The heads of the world’s eight leading private banks tell Helen Avery how they are giving clients the returns they expect.
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When one bank pitched a fee of one one-millionth of a percent to be a bookrunner on the landmark Coal India IPO, every other lead manager had to accept the same level. Even officials at the issuer weren’t happy with the economics of the deal. But such is the way of Indian equity capital markets, as Chris Wright reports.
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Eleven banks gathered in Agricultural Bank of China’s offices in early April to plan in an atmosphere of mutual suspicion how to complete an extremely difficult task. The challenge: to sell to investors what was thought of as China’s weakest big bank, to a timetable calling for unprecedented swiftness, against a backdrop of worsening global market conditions. Lawrence White reports from Beijing, Hong Kong and Shanghai on the story of the world’s biggest-ever IPO.
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Deciding a cut-off point for Asia’s top investment banking franchises was not easy; several of the firms outside our top 12 might feel that their businesses are very nearly equivalent to those who scraped in to the lower rankings.
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The recent announcement of net new inflows of Sfr44.2 billion, on top of group net income of Sfr6.7 billion for 2009, shows that a strategy of integration is paying rich dividends for Credit Suisse, sending wealth management business storming past arch rivals UBS to take the top spot in Euromoney's private banking rankings. Can the bank retain its momentum?
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Beloved by the international markets for her professionalism and by most compatriots for her reformist zeal, Mulyani Indrawati is battling with those who prefer things done the old way. Lawrence White spoke to her at the G20 summit.
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The acquisition of the European and Asian arms of Lehman Brothers means that the Japanese firm is now the world’s largest independent investment bank. The deal shocked many who had expected a western buy-out. Lawrence White speaks to Takumi Shibata and Sadeq Sayeed, the architects of the deal.
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As their peers in Europe and the US struggle to adjust to the world post sub-prime, Japan’s megabanks find themselves in the glow of unaccustomed financial health. But how do they put their new-found advantage to best use? And can they ignore the demons that caused such huge mistakes in the past?
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Private banks attached to investment banks have benefited from the access to balance sheet and innovative products that the relationship provides. But with Wall Street suffering dramatic losses as a result of sub-prime mortgage exposure, will that relationship be the private banks’ downfall? Helen Avery reports.
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State-owned, cash-rich and increasingly influential, sovereign wealth funds have emerged as the most controversial players in the financial markets. All the constituents – banks, private equity, corporates, hedge funds – want a slice of their action. Just how powerful will the funds become? Sudip Roy reports.
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Al Gore, the former vice-president of the US, is the most high-profile figure in the fight to force action to combat global warming. He explains why a new approach to investment is needed, adopts an unusual position in the carbon tax versus cap-and-trade debate, and says banks are generally ahead of the game – but still have a lot more to do.
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Global warming is the biggest issue facing society. Markets can play a crucial role in combating climate change. Banks see a huge opportunity to be agents for good – and make plenty of money in the process. How big can green finance become? Clive Horwood investigates.
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Distressed debt used to be a secondary-market play. Today, it’s a primary-market business. Distressed or stressed companies don’t avoid default by restructuring old debts. They put on new ones supplied by myriad new forced buyers of credit. The product’s already distressed when it goes on the shelf.
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What lessons did Stan O’Neal learn from the restructuring of Merrill Lynch at the turn of the decade? What are Merrill’s plans in mortgages, private equity and asset management? And what continues to drive Merrill’s CEO forward? O’Neal reveals all to Clive Horwood in his first in-depth interview since becoming the firm’s chairman and CEO.
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When Stan O’Neal took over as president and CEO of Merrill Lynch in 2001, the thundering herd of the 1990s was clapped out. O’Neal imposed a ruthless cost-cutting strategy that saved the firm’s independence. Now his rebuilding plans are starting to bear fruit. Can Merrill heed the lessons of the past, but at the same time make it back to the pinnacle of investment banking? Clive Horwood reports.
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Private banks are enjoying a period of growth as financial markets improve and global wealth increases. Long-term success will lie in offering a broader range of products linked to investment banking, while ensuring the high levels of service that clients now demand. Euromoney reports on the drivers of success in its annual survey.
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There is no room for nostalgia in the new-look Merrill Lynch. Charles Merrill might have wanted to bring Wall Street to the masses but it is the affluent who command the most attention from his successors. Since 2000, James Gorman has shaken up the private-client business with dramatic results.
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Private banking 2004: The reinvention of private banking
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In the bull market it seemed that investment performance would determine the winners and losers in the fast-growing and newly transparent private wealth management industry. But what the wealthy most need is independent advice and a sense of who is good at what. Euromoney surveys the best providers. Peter Lee reports.
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Contraversy has dogged Mahathir Mohamad's 22 years' dedication to making Malaysia a healthy modern economy. Now on the brink of retirement the prime minister spoke to Chris Cockerill about his country's achievements and his refusal to bow to the prescriptions of the developed world.
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The president of the Philippines, Gloria Macapagal Arroyo, speaks to Euromoney's Asia editor Chris Cockerill about the state of the economy, the battle against corruption and the future of the country after her term of office finishes.
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Those foreign investors prepared to pick their way through the rubbish on offer from China in the form of distressed loans may be able to uncover a few fantastic investment opportunities. They've done it before in other markets, but China offers its own unique challenges in seizing assets. It's certainly not for the faint-hearted. But those prepared to buy NPLs may benefit in other ways from the gratitude of the Chinese authorities.
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Europe’s newly emerging mass affluent are the latest target – and the latest obsession – for financial services operators. However many players have yet to unveil either a clear strategy or the right products. Indeed some big names have already decided to cut their considerable losses and leave the market behind, convinced they won’t be able to make it pay. But whoever comes up with the winning formula is likely to enjoy a bonanza.
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It must be perpetual but it doesn't have to be for ever. It has to feel like equity but look - to tax authorities - like debt. Defining banks' core capital is one of the thorniest issues facing bank regulators. Antony Currie reports on the squabbles over what fits in the tier-one category.
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Was it the summit meeting that saved world financial markets from Armageddon? Or was it the night on which Wall Street's crony capitalists, backed by the taxpayer, looked after their own - John Meriwether at Long-Term Capital Management? Whatever the interpretation, fear was in the air, and there wasn't much time to philosophize. David Shirreff reports on five days that shook the world. That's followed by a study of over-leverage, by Michelle Celarier, and another sad tale at UBS, by David Shirreff.
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The market, like nature, is red in tooth and claw. It has no concept of ethics, morality or justice. Its agents are predatory and are concerned mainly with their own survival. They have no thought for the good of the system. That doesn't mean the market is bad or that it doesn't work. It means that present prescriptions for emerging economies do not reflect these realities. Nothing highlights more starkly the inappropriateness of the blind application of free market thinking to emerging markets more than the role of hedge funds. By Simon Brady.
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To many of the small family-owned firms of Switzerland's Lac Léman, private banking is still all about providing a discreet service to those old-money Europeans who still have time to contemplate their investments amid champagne corks and peacocks. But the leisurely approach of these private bankers is under threat from aggressive global institutions who see private banking as nothing less than a personalized form of investment banking. Jules Stewart reports.
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Following currency devaluations and stock-market crashes, Asia now faces its biggest challenge: a full-blown credit crunch. No big bond issues will be done for the rest of the year, spreads on outstanding bonds have gone haywire and trading has ground to a halt. Local sources of credit have also dried up. Corporate borrowers can expect little help from their bankers; devaluation has blasted a hole in many local banks' balance sheets and they have no money to lend even if they wanted to. Peter Lee reports on the likely shape of things to come.
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"Much may be made of a Scotchman if he be caught young." So Dr Johnson had it. In the case of the Hongkong and Shanghai Banking Corporation, an institution founded by Scots and still governed by one, it has grown to be the world's most profitable financial group. The unique international officer culture that has driven it – young men caught young, trained up, messed together, posted, reposted, in the bank for life and rarely back in the UK – will have to change, but it's bending and adapting rather than breaking. Steven Irvine reports on its fitness for the 21st century.
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In their desire to expand in Asia, US investment banks have little choice but to get into bed with local partners. The most dramatic of the relationships so far forged has been Morgan Stanley's pioneering joint venture with the People's Bank of China. Will it blossom into a lasting and profitable marriage or will cultural clashes turn the partners against each other? Tony Shale reports
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Issuer: GPA Amount: $4.05 billion Launched: March 11 Lead manager: Morgan Stanley
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It wasn't just the Singapore futures operation that was badly managed. The lack of controls that allowed Nick Leeson to lose $1.4 billion was symptomatic of the lousy way Barings was run throughout Asia. The culture clash between the traders of Baring Securities and the merchant bankers of Baring Brothers meant that most executives cared more about protecting their own departments than about making the group work.
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Heavily indebted and with puny domestic savings, Africa ought to offer attractions for interested foreign equity investors. Inflows have increased but local equity markets are thin and illiquid, privatizations halting and company research scanty. Funds with an Africa label feel obliged to buy something Africa-related. Have they always chosen wisely?
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He is the man they said would always remain in the shadow of Alfred Herrhausen, but they were wrong. Hilmar Kopper, speaker of the managing board of Deutsche Bank, is on the way to becoming a giant in world banking in his own right – a name to rival Abs, Ulrich, Guth and Christians. In the first full interview he has given since becoming speaker, he speaks to Padraic Fallon.
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Goldman Sachs has risen to pre-eminence as a global securities house. It is a convincing first in Euromoney's ranking this month of the world's best investment banks. But the US firm has two faces. For its clients it is the vigilant, attentive, even enthralling provider of first-class services. For its rivals it is a mean and aggressive raptor of deals. Which picture is right?
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Institutional investors say the market has been rigged in the final offering of British Telecom shares. Warburg may find its efforts to please one client – the Treasury – damage relations with everybody else.
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Citicorp suffered the latest in a series of disasters when president Richard Braddock left in unusual circumstances on the eve of a crucial capitalraising exercise. Its tendency to stumble into trouble has obscured chairman John Reed's success in reviving a bank that teetered on the brink of extinction. But ahead lies the big task of changing Citi's anarchic, competitive culture, with its hunger for revenue rather than profit.
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In July, debt restructuring committee chairman Bill Rhodes described the signing of agreement in principle on a Brazilian Brady plan as the end of the Latin American debt crisis – a month later US bank stocks dipped 1% in a day's trading on fears that the plan would collapse. Brazilian debt prices crashed as the political upheaval in the country deepened. But against the odds, the commercial banks have pushed ahead with the plan.
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The merger between Manufacturers Hanover and Chemical defied conventional wisdom.
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Last month, Fidel Castro, president of Cuba since 1959, gave an exclusive interview to Euromoney editor Garry Evans – his first interview with the western press in years. The old dog is having to learn new tricks. While he makes it clear he is not about to allow democracy or convert Cuba to capitalism, he is gung-ho about encouraging foreign investment. But, with the Cuban economy going into a tailspin, he admits he has little choice.
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Want to invest in repackaged loans for low-cost black housing? Or the City of Johannesburg? South African telecommunications? The lifting of sanctions on South Africa could unleash a pent-up demand for funds totalling $3 billion to $4 billion a year or more.
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In the first quarter of 1991, as European stock markets roared ahead by an average of 20%, the most profitable – and potentially the riskiest – game for equity brokers was the bought deal. Houses make up to £8 million ($13.5 million) a deal selling large chunks of equity held by one company in another. Some brokers even suggest that a new mechanism for distributing shares has come of age.
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Later this year 50 people will go on trial in Venice charged with complicity in illegal arms trafficking to Iran. Among the defendants will be leading figures, past and present, from the world of Italian finance as well as senior government officials. Evidence amassed over several years strongly suggests that banks in a number of European countries have been involved.
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Gulf bankers have been through a trauma — and there is more pain to come. News of the Iraqi invasion of Kuwait brought instant demand for cash, a rapid fall in local currencies and a haemorrhage of funds from the region. Some institutions will not survive; others must undergo rapid change. And as bankers set about repairing the damage there are warnings of further shocks to come.
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"The grand old man of Wall Street" is a title John Weinberg, chairman of Goldman Sachs, wears uneasily.
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Babacar Ndiaye, president of the African Development Bank (AfDB), is only too well aware of the need to present a more positive image of Africa as a continent of business opportunities, given the lively international interest in eastern Europe.
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The soaring Tokyo Stock Exchange prevented Japan's Ministry of Finance from realising its ambition to restructure the country's smaller banks and securities houses. So, in concert with the Bank of Japan, it engineered the crash that sent the Nikkei plummeting. To outsiders, Japan's financial regulators appeared to be in open conflict. And the lack of clear guidance caused the jitters that greased the skids under the TSE. Tony Shale reports on the plot that fooled the world.
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Reform of the Soviet financial system is causing tension between the newly-licensed banks and Gosbank, the state monolith-turned-supervisor. It seems that the co-operative banks are leading the drive towards such free market practices as client confidentiality. Ron Cooper reports from Moscow on what officials of one co-op bank and Gosbank say about each other.
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On September 26 last year, a new Russian revolution got under way: a quiet revolution, which has passed almost unnoticed in the West.
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With his four wives and baronial castle, Jacob Palmstierna, chief executive of Skandinaviska Enskilda Banken, had long been a target of the gossip-mongers in Stockholm. Not very pleasant gossip at that: his haughty manner had made Palmstierna unpopular as long ago as his college days. So when details of a juicy little scandal over his personal taxes began to leak out earlier this year, Sweden thoroughly enjoyed the whole affair, particularly the part where police raided S-E-Banken, the Wallenberg bank. But Palmstierna's resignation last month is bad news for all of the Swedish financial community, as Neil Osborn explains.
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The best that can be said for Citibank is that it wasn't solely to blame for the most embarrassing deal in years; Chase, Salomon and Lazard should all bow their heads for their parts in the LBO financing that so nearly sent the world's markets into the abyss. Only the Japanese were blameless – even though everyone tried to put the blame on them. Here, Peter Lee reveals how the incredible earnings projections for UAL were developed and names the executives who put the transaction together. And one moral emerges from the story: if you're a mean, hard-nosed CFO, sooner or later the banks will exact their revenge.
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The market for asset-backed securities could make the corporate bond market look like a minnow – there are trillions at stake. Peter Lee assesses the bond-boggling numbers.
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For 40 years, all roads of Italian capitalism have led to a single man at a single merchant bank – Enrico Cuccia and Mediobanca. During the past four years this obsessively secretive 80 year old, whom his close friend André Meyer considered to be Europe’s best financier, was nearly dethroned. He stays, but what succeeds him? Steven Solomon looks at the man who has built up Italy’s oligopolistic family capitalism.
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Secretive, aggressive, unpredictable and highly successful, the state fund managers of the Kuwait Investment Office (KIO) are among the world's most important investors. Only the Swiss Big Three banks have more funds invested internationally than the $60 billion or more of the tiny emirate's oil wealth now in play around the globe. Who makes the decisions? What's the strategy? And what are the internal politics? By Martin French
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Private banking is a business that more and more banks want to be in. It looks easy; go to Geneva and buy one of the banks already operating there. American Express did that, and had the foresight to ensure that the old owner, Edmond Safra, would not compete directly for five years. The five years are up next month, and Safra has a score to settle.
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Everyone within hailing distance of Wall and Broad streets on the afternoon of October 19 may have experienced the same feeling: that our lives had taken one of those profound turns that would affect us in ways we couldn’t yet know.
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A private banker is a friend, confidant and counsellor to an often idiosyncratic client. It's an intimate relationship, and a lucrative one. The Swiss still lead the field.
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Big Bang has not been kind to British banks. Midland and Lloyds have their troubles. Hill Samuel failed to merge with UBS; Morgan Grenfell may be looking for a buyer. Yet the SG Warburg Group has emerged from Big Bang with a cohesion and profitability that is the envy of its merchant banking rivals – the flagship of the UK securities industry. But how? And whither Warburg now?
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Are we about to witness the creation of a great Third World debt market? Will LDC loans be transformed into junk bonds and equities on a grand scale? Idle talk, some will say, but, in this special report, Euromoney argues the case for believing that a new market will soon rise like a phoenix from the flames.
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Drexel was first into junk bonds; now there’s a gold rush – how much is worth competing for?
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When Euromoney first pointed out the dangers of the leveraged buyout (April 1984) the fashion was new and exciting – too exciting, declared Paul Volcker, who subdued the general enthusiasm for a time, but the fashion came back, with complications explained in full for the first time here.
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Competition between banks in China is something new, and it's catching on fast. It could prove a vital lubricant for Deng Xaioping's economic reforms. From January 1 three more institutions were allowed to handle foreign exchange or raise funds abroad. A plethora of top-quality Chinese borrowers could soon come to the international capital markets, rivalling the good names of CITIC and the Bank of China. But there are still some legal hurdles – and doubts about China's long-term future.
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Citibank's William Rhodes has led reschedulings for Mexico, Brazil, Argentina, Peru and Uruguay. His style is measured – but determined.
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Persuading all the leading merchant families of six different Arabian and Gulf states to back the first serious investment bank in the region was some feat on the part of Nemir Kirdar. Now the president of Arabian Investment Banking Corporation – Investcorp – has to start delivering first class deals. By Peter Field
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Banking has probably changed more over the last year than it did over the previous 20, so how should a major international bank position itself in a decade in which change will probably accelerate? Here’s a case study of one strategy – that of one of the most international of all banks, the Chase Manhattan.
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Even the good African risks may reschedule as bankers hold off.
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Sulaiman Abdel-Aziz al-Rajhi, the Saudi money changer, is conservative, pious and modest. The firm he founded is worth a far-from-modest $7 billion. How he prospered. By Michael Field
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Eight African countries rescheduled last year and 21 turned to the IMF. Besides importing depression from the west, Africans have created problems for themselves. Yet some well-run countries show what the possibilities are.
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Adela, the great Latin American dream that turned into a nightmare, has made history of a kind – its bonds are the first publicly-listed Eurobonds ever to be rescheduled.
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The memorandum which western commercial bankers have agreed to present to Poland is extraordinary in that it would give the bankers an IMF role in directing the Polish economy.
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When Armin Mattle of UBS made Stanley Ross run for cover, it was a sign of just how unpopular the grey market had become.
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Jose Rafael Trozzo swayed people in Argentina and around the world until his Banco de Intercambio Regional was shut down – how did he manage it? Steve Downer in Argentina and Nigel Bance and Julia Bright in Europe explain.
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A meeting was held to discuss was the major financial question to be raised so far by the Iranian crisis: why had the $500 million syndicated loan for the government of Iran been declared in default so quickly?
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At the end of what is probably the most famous trading room in the world sits the world's most famous trader: John Gutfreund, managing partner of Salomon Brothers, a portly, restless figure who, like a vigilant bear, stalks the corridors between the trading desks in the vast trading expanse that is known as the Room.
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A 10th anniversary essay by David Rockefeller, chairman, The Chase Manhattan Bank NA.
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"From my window, I can see much of the wealth of this country," said Merton Dagut, chief economist of Nedbank. Peering out of his office in the 48-floor Carlton Centre in Johannesburg, he was referring to the Witswatersrand, where most of the country's goldmines are situated. In many respects, South Africa is still a developing country.
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When Bayer's $200 million financing hit the Eurobond market in the second week of January it met a guarded welcome. The scarcity value of German corporate paper combined with the weight of lead manager Deutsche Bank seemed to ensure a smooth path for the issue. But was this the time, given the reluctance of investors, to spring such a deal?
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Bankruptcy has become a way of life in Zaire. It started to fall behind on servicing its external debt in mid-1975, and its economy has stumbled into deeper and deeper depression.
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It is the deal of the year, the financing that had everything. This was the second jumbo financing for the Federal Republic of Nigeria. It was also the second within a year. The first jumbo, for $1 billion, was signed in January, having run into major problems over pricing and the information memorandum.
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Moscow is the centre for five important banking institutions, including the two Comecon organizations, IIB and IBEC. At the top of the tree is Gosbank, the state bank for the USSR. The chairman of its board of directors, Vladimir Sergeyevich Alkhimov, is not a member of the Politburo, but he probably has more power than many of its members.
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They share the same ideology. Each is based in Moscow. But the bankers at Kopievski Lane like to compete with the bankers at Presnenski Val, and it seems that recently the competition developed into a race.
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David Rockefeller is a man under pressure. At 63, he has three years before retirement rules force him to step down from the chairmanship of Chase Manhattan Bank. That is not a lot of time for the tasks that confront him.
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Inside the Association of International Bond Dealers' AGM, 1977.