Ultra wealthy not the key for revenue; Case for open architecture looks flawed

Private sector spend up 12-fold; IDFC plans to triple loans

Loses key personnel; Still maintains ambition to be top FX house

China’s fragmented regulatory environment makes it difficult for global issuers looking to raise capital in the market, according to Kenneth Lay, outgoing vice-president and treasurer at the World Bank. Speaking to a full house at Euromoney’s China global debt capital markets congress in Beijing on November 16 and 17, Lay’s words came in response to discussion of China’s multitude of regulators by panellists in the opening ‘Leader’s conversation’.

December is a month for reflection: reflection on what has passed and what might happen.

As the G20 seeks to install a permanent resolution mechanism to enable burden sharing between the private and public sectors in any future financial crisis, investors and banks are in a state of flux. Pricing bank debt securities that convert into equity in times of stress is problematic, if they are investable at all. Hamish Risk reports.

Nigeria’s impending dollar sovereign bond comes at a time when demand for African sovereign paper exceeds supply. African states are cautious about entering the capital markets despite the many good reasons for issuance. Nick Kochan reports.

The Federal Reserve’s first huge injection of liquidity surely helped avoid a horrible depression. The outcome of this second phase is more doubtful. If unemployment is structural, the Fed’s effort might be wasted. Worse, it might be inflating asset bubbles once again. Peter Lee reports.

Despite attractive yields and improved turnover in a few prime markets, the European commercial real estate recovery remains tentative as supply and finance constraints continue to restrict activity. However, bright spots are emerging for funds that have been able to put the worst of the debt crisis behind them. Joti Mangat reports.

There are welcome signs of a recovery of the US IPO market. But an underlying trend is the continuing decline in the number of market debuts by small-cap and technology companies. Is the entrepreneurial motor of the US seizing up? Helen Avery reports.

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.

All the global banks claim that their emerging markets businesses are among the most important drivers of revenue growth. Yet how committed are they? One way of assessing the seriousness of their claims is through the lens of their personnel. Sudip Roy investigates just how many emerging market investment bankers are reaching the top of the industry.

The pressure of money weighing on the high-yield and leveraged loan market has given rise to the kind of market excess that optimists thought would not be seen again for a very long time. Can the cycle really be set to repeat itself so soon? Louise Bowman reports.

It is a business about volume and innovation, making Asia a prime target. Multinationals are investing to tap busy markets, while some of Asia’s leading corporates want to go global. Laurence Neville reports.

During the financial crisis big became synonymous with bad. But in pensions management super-sizing can seriously increase your wealth.

One year on from the revelation of Dubai World’s debt problems the emirate is looking to the foundations of its prosperity – its position as a trade, transport and services hub – for recovery. Can Dubai trade its way out of trouble? Dominic Dudley reports.

BR Partners breaks into top-five Brazilian advisers; Firm seeking investment banking licence

Bank postpones R$500 million issue; Other banks and corporates persist

Development bank does not want to grow credit book; Bonds expected to take bigger role in project finance

Investor points to Uruguay, Dominican Republic; Bullish on Argentine sovereign debt

Clive Horwood, Euromoney’s editor, remembers one of the finest individuals – let alone bankers – he has had the pleasure to know.

Bank Leumi might soon have a new owner. But as the government sells its controlling stake in Israel’s biggest bank, Leumi might instead be left without any controlling shareholder. Dominic O’Neill questions the finance minister and central bank over the role of Israel’s banking tycoons.

Arminio Fraga and his partners have just sold asset management firm Gávea to JPMorgan’s Highbridge Capital Management. The deal for the Brazilian company is staggered over five years, and crucial to it is that Fraga will continue to lend his expertise for at least that long. Fraga talks to Rob Dwyer about the firm’s strategies, the deal with JPMorgan and Brazil’s economic prospects.