November 2012
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LATEST ARTICLES
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Euromoney’s annual survey invites investors to rate the quality of bank research on Middle Eastern equity and debt bearing in mind overall performance and accuracy.
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Bank analysts and equity investors give their opinions on which companies they think are the best by the individual company sectors.
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Depository law proves final hurdle; OFZ spreads tighten on foreign buying
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First international sovereign issue for 90 years; Aftermarket performance disappoints
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Priced to support post-deal performance; Mexican equity story outshines Brazil’s
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$5 billion under management; Employs advisers and third-party fund manager
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Bonds rise on announcement; Recovery-note holdouts threaten resolution
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More issuance expected; Indonesia performance remains lacklustre
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M&A activity drops after introduction; Cade’s response faster than predicted
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"Deals are being oversubscribed by anything ranging from three to four times up to 15 times – and these are for small $100 million deals up to multibillion dollar deals"
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"It’s a minor irritation. We’ve always thought Moody’s was shit, but S&P has now proved it’s just as shit too"
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Veteran lured away from Deutsche; Signals BAML ramping up effort in Asia
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Air Liquide attracts new investors; More deals to follow
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NBAD announces six-month waiver; Rules could promote federal borrowing
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Signs of life driven by blocks; Rise in bookrunners ‘frustrating’
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Fine wine shows an attractive Sharpe ratio; Investors must be wary on valuations
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More issuance likely from PDVSA; Currency appreciation might force devaluation
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QE distorts currency trading; Returns exist, but in limited pairs
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Nine-year tenure ends; Maliki seen to be consolidating power
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Banks profit on originate and hold; Expectations ‘ahead of themselves’
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Brazil’s retail banks need to adapt to a new low interest rate environment. With the years of easy revenue growth seemingly coming to an end, the other side of the efficiency equation – cost – is at the forefront. Technology will be critical to improving efficiency, but will the returns follow the investment?
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With the authorities having achieved a lowering of the current account deficit, expectations for growth in Turkish bank lending are rising again. Quantitative easing has let loose new capital flows into the country, but the dearth of longer-term funding is more serious than ever.
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Moody’s change of heart averts high-yield disruption in Europe… for now.
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The benefits of lower Brazilian interest rates are not reaching the bank customers who need them most. Only greater competition between banks will alter this.
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The strategies and dimensions of Gulf sovereign wealth funds are an arcane subject made more mysterious by the lack – apart from Abu Dhabi’s fund – of published annual reports. Euromoney pieces together a picture of their structure from the fragments of information available.
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Sometimes, I am pleased to say, I get there before others. Those who are successful normally spot signals before they become trends and navigate accordingly. I can think of many examples: Howard Schultz, the founder of Starbucks, who realized people would pay £2.50 for a half decent cup of coffee; Steve Jobs, who saw that consumers wanted design as well as functionality; and even Barack Obama, who recognized in 2008 that the US public were desperate for change. Of course, Obama now faces a difficult re-election battle as it is not clear his tenure delivered the change that he promised.
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When BNP Paribas announced its adaptation plan last year the corporate and investment banking unit was squarely in the firing line. Revenues are down but profitability is resilient – something that CIB head Alain Papiasse argues makes it better positioned than its peers.
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The BBA is holding worthy-sounding debates on regaining trust. Instead they should be following an example from 16th-century Germany.
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JPMorgan has backed its subsidiary with balance sheet and resources, and although the country’s economic growth has slowed the bank’s headcount has continued to rise. CEO Cláudio Berquó says that rather than becoming over-committed, the bank’s new capabilities are enabling it to adapt and build new business.
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There is no clearer sign of the strength of investor interest in emerging markets than the scramble for African sovereign bonds, but how long can it last?