Jan/Feb 2024
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FEATURES
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Cutting through the noise on the impact of ratings
Corporate and development banks want their capital to reach the smallest and most impactful of SMEs in frontier markets. Traditional credit ratings and risk assessments can get in the way. -
Bankers chase a new golden era in CEE
Record regional bank profits, plus strong capital ratios in Western Europe, have fuelled hope for more bank acquisitions in Central and Eastern Europe. The uncertain effect of recent court rulings on Swiss franc mortgages, however, is a big obstacle to deals in Poland. -
Can private credit help to bridge Asia’s funding gap?
It has become fashionable to describe private credit as an opaque and fast inflating bubble that could bring crisis to the global financial system. But in Asia even banks and regulators hope it will grow to bridge the yawning financing gap. -
Reforms and China woes put ‘lucky’ Japan back on the map
Many factors explain Japan’s renewed allure to global corporate and financial institutions. Inbound FDI is rising, with local stock prices regularly hitting record highs. Is the economy’s long-awaited renaissance a passing phase or here to stay? -
The ‘intraday fade’: How Morgan Stanley’s ECM claims ring hollow after $250m block trade settlement
Morgan Stanley has for years touted its expertise and adherence to confidentiality as reasons to choose it over rivals for equity block trades. But charges brought by regulators over leakages of confidential information by the bank’s former head of US equity syndicate and another employee now make its historic claims look embarrassing. -
Archx Capital aims at an ‘emerging Brazil’
Brazil’s banks have been talking a good game about capturing the outperformance of smaller, privately held companies in the country. Now a new banking advisory firm – packed with senior bankers – has made this segment its entire business strategy. -
Chinese investment banks change tack in Hong Kong
Hong Kong-based Chinese investment banks, plagued by the market’s liquidity issues, are looking to China's economic pivot and the renminbi's rise as a fundraising currency to restore their fortunes. -
West Africa looks to securitization for social issuance
A securitization of pay-as-you-go electricity bills to fund wider access to electricity in Côte d’Ivoire could spark copycat social bonds for affordable housing, telecoms, electricity access and more. -
Europe’s banking supervisors tighten the screws
Outside Switzerland, European banks largely escaped the banking turmoil last March. That hasn’t prevented supervisors using it as an excuse to ratchet up the pressure. Ahead of its 10th anniversary as a supervisor, is the ECB – as some bankers suggest – getting too intrusive? -
What Ukraine can teach the world’s banks
National Bank of Ukraine governor Andriy Pyshnyy talks to Euromoney about stabilizing the country’s financial system after the invasion, how rapid shifts to cloud-based banking can work and why cyber risks mean other countries are now seeking Ukraine’s advice about keeping banks running when national electricity infrastructure is down. -
Africa fintech Flutterwave moves on from Kenya setback
Kenyan authorities have cleared Flutterwave of wrongdoing following an anti-money-laundering case in the East African nation. Nevertheless, industry confidence in the Africa-focused payments company remains mixed. -
The rise of renminbi creates opportunities for banks
While the dollar’s international supremacy is unchallenged for now, the wider landscape is shifting. Companies are raising more funding in renminbi and the currency’s use in international payments and settlements is growing. -
Standard Chartered shifts growth to capital markets
Standard Chartered’s corporate and institutional bank can increase its profitability even when rates fall, divisional head Simon Cooper tells Euromoney. After reaping the benefit of investments in cash management, he is now turning to the financial markets business, especially credit – reinforcing efforts to grow clients in Europe and the Americas.
OPINION
OPINION
LEADERS
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New entrants spur breadth and depth in the country’s capital markets.
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Restrictions may come at a cost as MSCI considers developed market status.
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At the start of 2023, analysts sized China and liked what they saw: an economy reopening after three years of Covid isolation, and ready once again to roar. Nothing of the sort has happened and corporates and institutional investors are now fleeing the market in droves.
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Thailand wants to give almost every adult in the country money through a digital wallet. It’s an interesting step towards bringing digital finance to the mainstream.
COLUMNS
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Some banks like the idea of external venture capitalists leading their venture businesses, but banker-led units are more likely to cement their inherent advantage.
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Appealing to issuers by removing investor protections makes no sense when London’s decline as a listing venue stems from domestic investors abandoning the UK market.
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Regulators are making more mileage out of their settlement with Morgan Stanley than the outcome really deserves.
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The World Bank is issuing ‘outcomes’ bond structures for niche sustainability themes and with new financing mechanisms. Like blue bonds, they are probably going to need some rule-setting.
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The cost to the government of supporting the Mexican oil firm’s debt could rise to 1.5% of GDP in 2025. Could it walk away?
MACASKILL ON MARKETS
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