November 2010
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LATEST ARTICLES
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There’s rarely been a better time to be a mortgage banker in the US.
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A stand against foreclosures might be a vote winner but it has deleterious economic consequences.
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Implications for short-selling bans; CCP should boost liquidity
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Spate of interventions boosts volumes; Emerging countries seek to stem capital inflows
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Year-end markets boom continues; JPMorgan reaches the top
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The easy environment is pushing asset prices in Latin America to boiling point.
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A merger between the companies that own the Australian and Singapore exchanges is only a first step towards an integrated market.
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Senior RMBS bondholders will pay the price from US mortgage chaos.
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Investors should diversify into developed market companies with high emerging markets exposures to capture these economies’ growth.
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Is it bonfire night or bonfire of the vanities at Credit Suisse? The Swiss bank has reported mediocre third quarter results for 2010. Group net income plunged by 74% (year over year) to SFr609 million, pre-tax profits at the investment bank were down 50% from the second quarter and group return on equity was 7%.
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In September and October a torrent of tightly priced Asian bond deals pushed established investors along the yield curve and swept in new names. The more exotic the deal, the more investors flocked to it. But there are concerns that too much money is flowing into Asia. Lawrence White reports.
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Second rise in as many weeks; Analysts sceptical of its effectiveness
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The confirmation of disappointing third-quarter sales and trading revenues for most banks set the stage for a crucial fourth-quarter push by investment bankers – the push to maximize their own bonus payments.
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The proposition that if you build an investment banking franchise clients will come was severely tested in the third quarter. Sales and trading revenues were weak for most dealers, though with wide variance between big firms. Results were particularly poor for banks such as Morgan Stanley and UBS that had been rebuilding their investment banking franchises on the assumption that an aggressive push into flow business lines would result in increased client volumes.
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Return to positive growth in 2011; Credit risk spreads down, equity investor interest up
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Bond resurgence eschews riskier banks; Project bonds might seal demise of loan dominance in Gulf
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The EU’s plans to tighten measures to prevent eurozone instability and discipline transgressors are admirable in theory. But implementation will be a tough task and is not in any case achievable until 2013.
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Deal flow to continue into Q1; Strong foreign capital inflows in Brazil
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To hire seven FIG bankers by December; Adding 50 in Asia over next nine months
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Spanish lender looks for growth abroad; Other Turkish lenders expand their horizons
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Acute mid-market refinancing need; New funds target sector
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Development bank crowds out private sector; But has vital role in infrastructure development
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Being a fixed-income investor in Europe just got a whole lot trickier.
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Scotching a reputation for cowboy practices, they are responding to demands for more sophistication and the state’s desire to create an important financial centre. New respectability is accompanied by impending consolidation that will leave eight or so leading houses. Elliot Wilson reports.
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Cairn boss breaches protocol; Vedanta struggling to raise cash
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There has always been something rather tacky about the financial market’s habit of naming bond markets for borrowers issuing in a foreign country by picking the most stereotypical associations. Thus bonds marketed by foreign issuers in Japanese yen are samurais, Australian dollar bonds are kangaroos and so on. Euromoney reckons that the names evoke a less than progressive attitude towards the internationalization of markets.
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Senior Deutsche Bank and JPMorgan hires; Barclays launches Saudi arm
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Canadian bank sees great potential to distribute credit investments; BlueBay’s founders hope clients will take comfort from RBC’s capital strength
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In the past few years the country has reduced its dependence on offshore banking and links to Argentina and has grown its exports of agricultural produce and position as an important entrepôt. But its capital markets remain severely undeveloped, a situation that might be improved by a programme of privatization. Jason Mitchell reports from Montevideo.
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Chinese appetite for Russian risk remains relatively weak; Rare IT flotation on the way in London