In contrast to the US, where supply is lacklustre and only just ahead of 2005 volumes, it will be a hectic last quarter in the European securitization market. Last year in November the market saw an incredible supply of €60 billion. Bankers expect that number to be easily matched this time around and maybe even surpassed. In fact 2006 total issuance is already 20% ahead of last year. In addition to jumbo UK RMBS, which is forecast by syndicate officials to figure highly, balance sheet CLO issuance from the likes of RBS, HSBC, Barclays and ABN is also said to be lined up.

More than two years after the enlargement of the European Union, many large equity investors remain convinced that the combined equity markets of central and eastern Europe are too small for them to invest in, despite a combined equity market capitalization of €211 billion at the end of 2005.

“A private equity play in China is exactly that – a private equity play. The price may go up or down, but that’s not a China strategy”

The debt burden is a growing worry, not least because many of those that invest in the debt market’s increasingly ingeniously packaged instruments are themselves heavily leveraged.

Sovereign liability management exercises continued apace last month in the region, with Brazil, Colombia and Uruguay executing either debt swaps or local-currency deals. Strong market conditions are encouraging sovereigns to clean up their yield curves or reduce their foreign exchange exposure in favour of local currency. Brazil issued a R$1.6 billion ($750 million) global bond denominated in reais. It was the sovereign’s second such deal. Colombia followed with a $1 billion offering of 2037s. Part of the proceeds will be used to buy back up to $700 million of global bonds. Finally, Uruguay entered the market with a $400 million-equivalent inflation-indexed peso bond.

In the article in the September issue of Euromoney entitled, "How

For 11 months the European Central Bank has been engaged in a gradual tightening of monetary policy or, to use the more nuanced language of ECB president Jean-Claude Trichet, a “progressive withdrawal of monetary accommodation”. The financial markets and commentators have learnt to read quite accurately the code words – such as “strong vigilance”, “vigilance”, “continuing to monitor closely” – used by the ECB to signal what its next move is likely to be.

The return of hard underwriting on recent bond deals underscores how mundane and risk-free the business had become.

Barclays Capital has identified a budding mortgage-backed securities market as one of the key reasons for its decision to open an investment banking and broker-dealer business in Mexico. The UK bank started operations in Mexico last month with $100 million in capital. Barcap also hopes to take advantage of the fast-growing local capital markets, as more companies seek to raise money through high-yielding peso-denominated bonds.

Polish private equity firm Enterprise Investors has closed its most recent fund, Polish Enterprise Fund VI, at €658 million, making it the largest ever fund raised for central and eastern Europe.

More than 8,000 hedge funds are now registered in the Cayman Islands.

There have been plenty of compelling reasons to go short credit as an asset class this year. Investment-grade corporates are under threat from leveraged takeover by huge private equity funds; at the lower end of the credit spectrum, the easy availability of cheap credit even to risky B-rated borrowers has stretched leverage ratios to unsustainable levels.

Bavarian structured finance banker's national dress accidently arrives in suitcase packed for glittering awards do

More evidence of the chronic staff shortages still faced by Asia’s private banks came in September with news that UBS, the largest private bank in the region, has resorted to constructing its own purpose-built training facility for new recruits and existing staff to cater for the demands of its burgeoning Asia wealth management business.

“Nobody should be scared of socialism, it’s about equality”

As summer draws to a close, bankers and investors are gearing up for the rush of new bond issues that traditionally hits the market in the last quarter. In the emerging markets it’s little different. The pipeline of deals out of Russia is strong, Asia is witnessing one of its busiest times of the year and Latin American issuance should pick up now that Brazil’s election is out of the way. Even in the Middle East, corporates are beginning to appreciate the benefits of the capital markets.

Although benchmarking has a part to play in some areas, there is no single approach to best execution that suits all markets.

The possibility that the long end of the US yield curve might continue to invert has supported long-end issuance from international sovereign and supranational issuers.

While the current stage in the leverage cycle benefits corporate borrowers, concern has been raised about the protection that bondholders receive against declining ratings and event risk. Does good corporate governance have anything to offer this set of stakeholders, and should it have? Florian Neuhof reports.

Further regulation on delivery needed, says consultant.

Taking the successful US CRE CDO model and simply applying it to the European CMBS market is unlikely to work.

Investors get fat yields as rating agencies seek extra credit enhancement.

Appointment expected to renew exchange’s focus on stagnant volumes in options contracts.

Government’s attempt to develop venture capital industry lack clarity.

Investigations into the backdating of stock options has caused around half of the more than 100 companies under scrutiny by the SEC and/or the Department of Justice to miss deadlines for filing earnings. More are likely to follow, says Todd Fernandez, senior analyst at independent institutional research firm Glass Lewis & Co.

Although NYSE member firms that conduct business with the public reported second-quarter 2006 after-tax profits of $2.95 billion and revenues of $78.64 billion, up from $1.13 billion and $53.32 billion in the second quarter of 2005, specialists reported a fall in both after tax profit and revenue. For the second quarter of 2006, NYSE specialists reported after-tax profit of just $26 million. During the same period in 2005, the specialists reported an after-tax profit of $33 million. Total specialist revenue in Q2 of 2006 was $215 million, compared with $220 million in Q2 of 2005.

Czech financial group PPF Group has bought three banks in Ukraine – PrivatInvest, PrivatKredit and Bank Agrobank – paying $18 million for the PrivatInvest acquisition.

Over the years ABN Amro has suffered a series of setbacks. But Niall Cameron argues that internal noise over organization charts has died down and the focus is on the business.

RAB's recent acquisition is second in two years.

Australia is going ahead with a scaled-down sale of its Telstra holdings. But tension persists between the telecom operator and the government.