July 1999
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LATEST ARTICLES
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Recent changes in Japanese legislation have increased the range of securitizations possible. Christopher Stoakes reports
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Issuer: Princess Private Equity Holding
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Czech Republic: The case of the lost decade
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Now that Russia has given up its ridiculous ambition to become an advanced capitalist nation in the space of a historical nano-second, Russians can revert to their favourite pursuits: relieving their anguish with sardonic humour and suspecting that their plight is the result of a grand conspiracy.
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Czech Republic: The case of the lost decade
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Czech Republic: The case of the lost decade
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Brazilian Central Bank: Why Fraga chose inflation targeting
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Trouble at t'windmill?
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Chicago exchanges: The education of David Brennan
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Scandinavian banks are falling over themselves to make acquisitions and take stakes in the Baltic states. What they get are brand-new, hi-tech banks with underdeveloped markets. The downside is that experienced local bankers are thin on the ground. The locals seem pleased enough by the invasion but some hint that more diversity of foreign involvement might offer a wider window on the world. Alex Mathias reports.
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With jumbo syndicated loans generating large fees - $600 million for Olivetti's deal alone - syndicated lending is suddenly a big revenue earner for investment banks. But how much old-fashioned lending business is there left for the market's smaller players? Jack Dyson reports.
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For over a decade after 1987, when it first topped the US bond league tables, Merrill Lynch enjoyed unfettered growth, profitability and renown as the world's premier securities firm. Its mix of retail distribution, dependable income and worldwide expansion became the model for big investment banks to aspire to. Then, last year, things started to go wrong. Merrill's bond traders made huge losses, acquisitions in Japan and Canada produced sorry results, US asset managers put in a weak performance and clients defected from Mercury Asset Management. Most worrying, internet stock traders began to encroach on Merrill's retail business. For the past few months, the firm has licked its wounds, fended off merger rumours, and laid new plans. Now it's coming out fighting. Antony Currie reports. -
No bank in Poland, it seems, wants to marry the acquisition-hungry Bank Handlowy, and the Polish treasury hasn't helped as matchmaker. But the once-proud foreign trade giant desperately needs a source of retail deposits. It missed out on Bank Pekao, and the smaller Bank Zachodni. What scraps are left that the foreigners haven't eaten? Oonagh Leighton reports
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Asset-backed Finance: Europe takes to securitization
