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BANKING

No vacancies for foreigners?

The Russian real estate market is one of the best performing in the world. Foreign capital is lining up billions of dollars to invest in it. But there’s a problem – it has to compete with the billions in local capital generated by oil sales. Julian Evans reports.

Julian Evans, February 01, 2006

South African LBO record smashed

Building company Waco International has been sold to a private equity consortium for R5.4 billion, the largest ever such deal in South Africa.

Kathryn Wells, February 01, 2006

CAPITAL MARKETS

Japan: Crisis? Which crisis?

Japan might finally be on the road to recovery from its economic downturn but recent events have revealed a crisis of a different sort. After a human input error to a trade by Mizuho Securities in December that the Tokyo Stock Exchange trading system refused to cancel, despite requests from the broker, the TSE was rocked by another crisis in January when panic selling forced the exchange to shut early since the trading system was unable to cope with the flood of orders.

Chris Leahy, February 01, 2006

Opinion

Trading blunders: This month, the Tokyo Stock Exchange

Mixed message in mix-up?

Chris Leahy, February 01, 2006

Leveraged finance innovation of the year: $700 million PIK notes to part finance Neiman Marcus LBO

LBO sponsors found a way to increase flexibility in the capital structure and pay top price for the US retailer.

Kathryn Tully, February 01, 2006

FM round-up: Alternative investments of the month:

Equine expectations

Helen Avery, February 01, 2006

Opinion

The four most dangerous words in investing

Risk is pervasive but arguably no more so in emerging markets than elsewhere. And returns there at least take account of it and add a bit extra, says Euromoney’s new fund management columnist.

Andrew Capon, February 01, 2006

CAPITAL MARKETS

Structured credit innovation of the year: Dynamo – Dynamic Properties Portfolio Notes

BNP Paribas offered a new, institutionally-targeted twist on credit CPPI products.

Simon Boughey, February 01, 2006

BANKING

Japan emerges from the shadows

Japan has suffered 15 years of stagnation; a period in which an entire generation of financial innovation passed it by. Suddenly, investment bankers are licking their lips at the prospect of helping its financial markets play catch up. Some consider Japan a $500 trillion emerging market.

Peter Lee, February 01, 2006

CAPITAL MARKETS

Mezzanine ABS CDOs: Rarity pays for Aegis

Aegis – the ABS fund manager established by Richard Stow and Miguel Alcober two years ago – has sold its first CDO, Cavendish Square Funding, via BNP Paribas.

Alex Chambers, February 01, 2006

BANKING

Poll of Polls 2005: Merrill climbs back up the poll

Euromoney’s annual poll of polls shows that universal banks still dominate overall because of the breadth of their business. But firms such as Barclays Capital, Merrill Lynch and Société Générale are scoring notable successes in their chosen areas. Clive Horwood spoke to their heads of investment banking.

Clive Horwood, February 01, 2006

BANKING

Mezzanine takes off in central Europe

Just a few years ago, mezzanine finance was very much an alien concept in central Europe. That changed in 2003 with the arrival of the region’s first dedicated mezzanine fund. Today, mezzanine provision is booming, and its proponents hope it can play a significant part in the leveraged buyout boom predicted for the region. Kathryn Wells reports.

Kathryn Wells, February 01, 2006

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