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CAPITAL MARKETS

Rooftop's slimline documents help debut securitization

Bear Stearns's young UK subprime lender has entered the RMBS market using an innovative offering circular that should position it well for future deals.

Mark Brown, March 28, 2005

CAPITAL MARKETS

The bankers' dilemma

With the Russian state rolling back the liberalization of the economy – notably in its dealings with oil company Yukos – investment banks are faced with a dilemma. They must sometimes decide between defending the rights of private investors and forging and maintaining relations with the Kremlin in the hope of attracting current and future business. It's a tough choice.

Julian Evans, March 28, 2005

CAPITAL MARKETS

Naked shorting: The curious incident of the shares that didn't exist

Shareholders and executives in some of the US's smallest listed companies believe their share prices have been forced down by illegal naked shorting. This has led to a number of lawsuits, claiming unscrupulous behaviour by brokers and market-makers exploiting loopholes in the central clearing system. Those implicated dismiss the allegations as rubbish. What's going on?

Helen Avery, March 28, 2005

Report finds equity market rally left pension funds in better shape at end of 2004

The crisis of corporate pensions fund deficits was a hot news topic of last year, but a Towers Perrin analysis has found that a year-end rally in the equity markets actually led to an increase in the funded status of benchmark pension plans in most major retirement markets around the world in the fourth quarter.

March 24, 2005

Largest IPO in Asia floats

Philippines conglomerate SM Investments has floated on the Manila Stock Exchange, selling 115 million shares for Ps28.75 billion (US$528 million) in what is the largest ever offering on the local exchange and the biggest in Asia so far this year.

March 24, 2005

Technology M&A increased in 2004, according to PwC report

Technology M&A increases by 23% and further mid-market deal flow is anticipated throughout 2005

March 24, 2005

HBOS FD joins Prudential

HBOS FD Mark Tucker has replaced Jonathan Bloomer as CEO of UK insurance firm Prudential.

March 24, 2005

Staff unrest may cripple UK's finance sector

Half of people working in the UK's finance sector are looking to change jobs, according to new research released today by recruitment company Robert Half. The research indicates finance staff can no longer cope with increased workloads, longer working hours and stress as employers fail to address the issue of understaffing. The nationwide survey of over 2,000 finance professionals found that 51% of respondents are looking for a new job.

March 23, 2005

Greene King takes securitisation a step further

UK pub retailer Greene King has closed an innovative securitisation that allows it unprecedented operational flexibility while reducing its funding costs.

March 23, 2005

Morrison’s FD quits

Martin Ackroyd has decided to step down from the as finance director of supermarket chain Morrison's. He has agreed to continue to oversee the finance function until his successor joins the company.

March 23, 2005

US CFOs project hiring increase in second quarter

Full-time hiring in accounting and finance in the US is expected to see a modest uptick in the second quarter, according to the most recent Robert Half International Financial Hiring Index. CFOs surveyed anticipate a net 6% increase in hiring activity, up one point from the first-quarter projection and equal to forecasts made this time last year. 8% of CFOs plan to add staff in the coming quarter, and 2% foresee personnel reductions.

March 22, 2005

Fallen angels show higher default rate, says S&P's survey

Fallen angels were nearly twice as likely to default compared with peers that are rated speculative-grade at inception (referred to as original high yield; OHY), according to a study published by Standard & Poor's Ratings Services.

March 22, 2005

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