March 2010

WestLB has perhaps become one of the Middle East’s less enchanting mysteries. The Düsseldorf-based lender has somehow been involved in almost all of the most publicized credit crises in the Arabian Peninsula over the past two years.

Pre-emptive issuance proves smart strategy; Improving economic fundamentals attract strong investor bid

Limited refinancing window; Bank lending capacity could fall

Rising government yields hurt bank funding; Slowing issuance might crowd out lower-rated corporate borrowers

After a hotly contested process involving more than 20 investment banks the authorities in Moscow have mandated Barclays Capital, Citi, Credit Suisse and VTB Capital to lead manage Russia’s return to the international bond markets after an absence of more than a decade.

Fund’s first US holdings disclosed; 13F filing intended to “set an example”

S&P’s study says bonds are overpriced; Study suggests premiums should rise

Chile, Colombia and Peru plan to integrate their stock exchanges by the end of the year in a bid to encourage greater foreign investor participation.

There was a record attendance at Euromoney’s annual private banking awards dinner in London last month, reflecting a year in which the importance of wealth management grew in the overall financial landscape, and that a time of change in global banking had brought about a host of new winners.

European bank stocks have been hit; But volatile government bonds will boost earnings

Central bank governor says bank branches in north will double; New sovereign bond possible

The National Futures Association has announced the composition of an FX advisory committee. This gives retail FX its first official input into the regulatory process in the US. Retail FX firms have been lobbying for an advisory committee at the NFA for some years. Until now the strange situation has existed whereby members from the futures industry formulated rules for the FX industry with which they competed.

State sales enjoy positive reception; No investor fatigue despite heavy issuance

Volume figures released during February confirm further increases in FX flow.

Price action reflects fragile nature of recovery; Fed reiterates fed funds to stay low for “extended period”

Barclays’ strong performance earns its chief the right to be heard; Varley defends the universal bank model.

First venture capital fund since crisis; Enhanced access to capital for SMEs

Currency contracts not structured unfairly; Judgement might set precedent

Dar Al Arkan’s sukuk could have hardly come at a better time for Saudi Arabia.

A semblance of calm has been restored to Argentina’s central bank following the resignation of its head, Martin Redrado, and the appointment of his replacement, Mercedes Marcó del Pont.

Prop trading large part of revenues; Volcker Rule needs to go further

Will Ross, HSBC’s head of structured capital markets Asia-Pacific, is to become its co-head of Islamic finance global markets. The position is a new role created by HSBC to cement its position in the growing Islamic finance business.

Swap sees 97% uptake; Further restructuring might be necessary

BNP Paribas hires across the board; Citi makes key e-commerce sales hire

Underwriters “too aggressive” in their pricing; Investors wary of debt-laden companies

Rabobank, one of the world’s few remaining AAA-rated large banks has become a regular call for investment bankers looking to sell banking assets.

Morgan Stanley is looking to play catch-up in online FX trading as it rolls out its new Matrix platform to clients.

Clear sign of internationalization of market; KFH reverts to a safe pair of hands

Chris Allington has joined Standard Chartered in a senior role in G10 FX. He is known to be an, "excellent trader with very good customer contacts, especially in the real money and hedge fund spaces". Allington was last at Goldman Sachs, which he joined in March last year. Before that he was at Bank of America Merrill Lynch, where he rose from a humble spot trader to become co-head of G10 currency trading.