Junior lenders frustrated; IMO case sets precedent

The study concludes that the generally accepted wisdom that managers get six out of 10 decisions right is wildly optimistic.

"Where I live its not very commutable so there aren’t many bankers around. I go to dinner and I’m instantly disparaged. You know: Banker, American, paedophile..."

Dealers, investors and issuers welcome BABs; Expected to be a long-term part of the US muni market

Dracula’s original 1931 movie poster sold for $310,700 in April. And one for Humphrey Bogart and Audrey Hepburn’s 1954 film, Sabrina, netted $15,480 in March.

Auto ABS transactions mooted for Q4; Barclays takes soundings for possible RMBS deal

Two institutions are making a push in the European government bond/rates sector, a development that recognizes the high profits made in rates trading during the first part of this year.

Boost in markets reignites demand; Private equity players return

Danish online specialist Saxo Bank says it managed to maintain its revenues in the first half of 2009, although an increase in its operating costs, primarily as a result of new office openings, product launches and contributions to the Danish State Guarantee Scheme, adversely affected its pre-tax profits. These came in at DKr55 million ($10.6 million), compared with DKr162 million for the same period in 2008. Operating income remained stable at DKr969 million. "We did expect 2009 to be a difficult year," said Saxo’s joint chief executives Kim Fournais and Lars Seier Christensen. "However, the results reassure us that we took the right decision when we chose to steer the bank into a new phase based on a more flexible structure before the financial crisis took hold."

Retail platform provider Gain Capital, owner of the forex.com brand name, signalled just how fast and far the sector has developed when it filed for an initial public offering on August 31. The company, which was formed in 1999, is planning to offer around $125 million of shares, with the proceeds going to the company’s existing shareholders. Gain has declined to say what percentage of the company the IPO represents.

The ever pleasant Ben Welsh, former head of fixed income, commodities and currencies at UniCredit Markets and Investment Banking, started at JPMorgan in early September as managing director, proprietary trading, in the bank’s commodity group. Bizarrely, JPMorgan declined to comment, perhaps as a result of the wave of publicity generated by the defection of several of its prop team to Barclays. Market sources are openly speculating that Welsh will soon be joined by former colleague Dan O’Sullivan, previously global head of FX trading at UniCredit.

Banks will have to operate under a stricter capital regime. While they are feverishly raising more and higher-quality capital in the financial markets, proposals put forward by regulators are not to everyone’s taste, not least the potential treatment of hybrid securities. Sudip Roy reports.

Economic stimulus needed; More uncertainty about requirements

Purchases from RBS broaden horizons; But were the best assets bought?

The first Swiss issuer of jumbos; Broader investor base sought

"No bank’s stakeholders are going to be comfortable operating with the thin margins of capital they had two years ago. Take that capital model to the Smithsonian because you’re never going to see it again"

Bankers are back in the saddle, pursuing ever-greater profits and rewards. Investors are back at the casino trying to recoup their losses. Have fund managers – and the analysts that rate banks – learnt any lessons from the banking crisis? Dawn Cowie investigates.

Burgeoning equity derivatives market; Introduction of futures on individual stocks a priority

Trio of projects set to be signed; Commercial bank lending recovering

Market poised for record-sized issues; Corporates see debt as more attractive than equity

Middle Eastern sovereign wealth funds are still in fashion but the look has changed.

Benefits from improving commodities strength; Fastest-growing economy in Latin America

After a troubled start to the year when defaults in the domestic bond markets occurred almost daily, there are tentative signs of a recovery in investor sentiment towards fixed-income offerings from Russian issuers. In late August conglomerate Sistema provided much-needed cheer for market participants when it successfully launched a R20 billion ($620 million) bond – the largest corporate issue to date this year, trumping an earlier R15 billion transaction from energy company Gazprom.

High oil price, cheap valuations to spur rally; Growth forecast at 4% in 2010

El Salvador is planning to come to market with an international long-term issue of up to $800 million.

Government launches debt exchanges; Takes steps to rebuild access to international markets

Deutsche Bank has become the latest bank to incorporate algorithmic trading functionality into its proprietary trading platform. The tool, called autobahnFX Algo, will enable clients to control how they time and price large orders with greater levels of precision, efficiency, flexibility and transparency.

Brazilian exchange faces multiple competitive threats; Enters exclusive talks with Nasdaq OMX

The sub-prime crisis has presented opportunities for institutions whose balance sheets have been left relatively intact to boost their trading operations, not least in foreign exchange. Several, such as Canada’s CIBC and Japan’s Nomura, have already started to build out their FX businesses, while the market is still waiting to see how existing heavyweights HSBC and JPMorgan will evolve. BNP Paribas is another player that market participants might be wise to watch.

BNP Paribas has hired Margaret Ren, one of the original China banking rainmakers, as chairman and chief executive of corporate finance, Greater China. Ren, most recently head of China Investment Banking at Merrill Lynch, made her reputation for her ability to use her connections in China to land big deals for her employers, first Bear Stearns and then Citigroup, where she worked until 2004. Those deals included getting Bear Stearns, which had little China presence at the time, on to big equity mandates for China Telecom and Guangshen Railway.