July 2010
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LATEST ARTICLES
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Looking to the future of renewable energy
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Emerging markets specialist in Chinese alliance; AgBank IPO could be biggest ever.
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Improved sentiment creates international market access; Sovereign eyes long-term bond issue
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CCPs don’t reduce risk, says EC official; Safety of exchange system questioned
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Jain and Cohrs take Deutsche to a new level
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Banks in the UAE are a long way from provisioning for Dubai’s debt and property crises.
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Market demands reform if IDRs to flourish; Tax, regulatory hurdles to be tackled
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The investment bank of the year has performed strongly where you’d expect it to – in flow, debt and derivatives – and surprised many with its advances in M&A and corporate finance.
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Euromoney is accustomed to all kinds of underhand tactics in awards season: from banks "dominating" league tables in positions of second or even anywhere in the top 10, to widespread use in pitch meetings themselves of the classic phrase "I don’t want to criticize a competitor, but...".
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"You can’t talk about ROE when you don’t know what the ‘E’ is going to be"
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Brady Dougan trumps the banking sector.
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With public markets shaky, there is demand for private equity, and banks want to be in on it despite regulatory threats.
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Small-cap miners a good investments; Silver benefits from gold’s gains
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China opens door to currency flexibility; ‘No need for major revaluation’
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With its successful execution on a new strategy, and high returns on a low-risk model, Credit Suisse is arguably the best-run bank in the world today.
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Treasury bank warrants sales increase volumes; Will corporations begin to follow suit?
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Barclays is in investment mode; Diamond supports strong regulation
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New rules force 25% minimum free float; Rs615 billion of state issuance in first year
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Credit Suisse and Deutsche Bank win top honours in Euromoney Awards for Excellence; Vikram Pandit of Citigroup wins inaugural Banker of the Year award
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"Reincarnation Bank offers a safe-keeping for any asset you wish to deposit through your transition into the next life"
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Region’s bank stock drops 13%; Community banks worst hit say analysts
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What’s in a name? The problem for the business that Ken Lewis created is: far too much.
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Spanish bank buys BofA’s minority stake; Valuation now $10 billion
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The list of cornerstone investors in the ABC deal shows the newfound prominence of Asian and Middle Eastern buyers.
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In tight markets, some Latin issuers are doing blow-out deals that demand investor attention.
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Growing interest from Chilean institutions; Prospects more attractive than in Brazil
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Aim is to cut number of underwriters; Follow-ons outweigh new issues
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Interpreted as designed to curb capital flight; Parallel market expected to grow
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Miners mull expansion capital transactions; Key oil company considers equity issue
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Poland’s ambitious privatization programme shows no sign of being derailed by the European debt crisis and global equity market woes, with recent share sales continuing to attract overwhelming demand.
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Sovereign issuers say it won’t smother core markets; Spain denies rumours it will be first to tap the facility
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Varvel becomes CEO as Calello steps up to chairman; Kyriakos-Saad and Quintella get bigger regional roles.
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Dubai’s debt troubles show no sign of easing, with some investors believing that a restructuring of Dubai Holding, a private investment company for Sheikh Mohammed, is inevitable.
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President Barack Obama’s speech at the Cooper Union in New York in late April – where he asked the banking community to work with his administration to bring in financial reform – was attended by many of the leading bankers on Wall Street.
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UBS has reorganized its Asia-Pacific equities team following the departure of Steve Barg, head of global capital markets (GCM) Asia, to Goldman Sachs. Barg is credited within the bank for overseeing its continued dominance of Asia’s IPO market during the second half of this decade alongside China deal machine Henry Cai, and his departure was a big loss for the firm. It followed the exit of the bank’s equity head, Mark Williams, on May 6 to Nomura. Having lost two of the three key men (Cai being the third) in its Asia business, UBS immediately faced comments from media and competitors that the equity team, the most successful among its peers this decade in what has been Asia’s most profitable core investment banking business, was collapsing.
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The demise of the Prudential deal together with inhospitable debt and equity markets implies that the second-quarter numbers for global investment banks will be bad.
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“Nomura was in a strategic corner: they were trapped in Japan. They bought the Lehman operations for virtually nothing. If I criticize the Japanese for anything – it is that they are not involved enough in the investment banking business."
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Vikram Pandit has taken Citi from a place where the institution was written off as a basket case to being a share beloved by star hedge fund managers and widely seen as a buy for widows’ and orphans’ pension pots.
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Ultimately, the deficit must be repaid. But changing demographics and larger savings pools suggest relatively high levels of government indebtedness might be sustainable in the short and medium term. The bigger risk is that austerity plunges a credit-constrained world into a nasty double-dip recession.
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Limited understanding of markets by key regulatory and political figures is a contributing factor to the European sovereign debt crisis, as financiers and government officers increasingly fail to communicate.
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The reluctant decision by European governments to publish stress tests for their domestic banks might shed an unwelcome light on the illiquidity of many local sovereign debt markets.
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Markets have focused on the woes of the peripheral eurozone member states and their sovereign debt crisis but we should remember that public finances in the UK, the US and Japan are in an equally bad, if not worse, state.