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Securitization set for another record year

European securitization in 2004 is set to exceed the issuance record set last year, according to a report from the European Securitization Forum.

September 02, 2004

CAPITAL MARKETS

Yield hunger drives structured credit

Lack of volatility and narrow spreads have driven investors to seek out yield in the structured credit market. New products built on transparent, non-proprietary credit derivative indices have fed this demand but participants worry that not all investors have a clear idea of what they are getting into.

Antony Currie, September 01, 2004

CAPITAL MARKETS

CEE gets a taste for LBOs

CEE private equity, after a tough period that saw many funds go out of business, is enjoying a surge in activity, thanks to access to leveraged finance. Some funds are making big returns. Others, however, are still struggling.

Julian Evans, September 01, 2004

CAPITAL MARKETS

New breed bets on emerging markets

New tools such as credit default swaps and index products have changed the ground rules of hedge fund activity in emerging markets. They are paying off now but will sophisticated pricing and technology be able to cope with the next emerging-market debt crisis?

Felix Salmon, September 01, 2004

Cabinet defines new banking sector strategy

On July 4 the Russian cabinet approved a new banking strategy to cover the development of the sector over the next four to five years.

Ben Aris, September 01, 2004

CAPITAL MARKETS

Bank reform takes on new urgency

The mini bank crisis Russians faced in the summer has underscored the urgent need for bank sector reform and the creation of a system that can respond to the credit needs of businesses and individuals.

Ben Aris, September 01, 2004

BANKING

Investment style profiles

CTAs

September 01, 2004

Budget deficit points to pain ahead

Germany breached the EU's budget deficit limit of 3% of GDP over the first six months of this year and will almost certainly break the terms of the European stability pact that underpins the euro for the third year in a row. In fact, the government managed to run a 4% budget deficit over the first half of this year, slightly higher than the 3.9% for the end of 2003, federal statistics office Destatis revealed last month.

Ben Aris, September 01, 2004

Benchmarking

Country risk Sep 2004: Despite political risk the world is safer

Country risk index: The latest Euromoney country risk survey, which for the first time incorporates data on perceptions of corruption, reflects continuing upheaval in the Middle East and Africa that is only partly compensated for by a favourable global trade environment.

Paul Pedzinksi, September 01, 2004

KPN cleans up with complex deal

When Dutch telecoms company KPN did a e2.1 billion combined simultaneous tender and exchange in July, joint lead managed by Deutsche Bank and Bank of America, it was one of Europe's most complex liability management deals.

Kathryn Tully, September 01, 2004

BANKING

Arab 100 2004: A year of recovery led by Gulf banks

Banks in Arab countries enjoyed much better results in 2003, especially during the second half. In 2002 earnings fell on the back of weakness in global investment markets, tight margins, and higher provisions. Net profit bounced back in 2003, rising by over 15% for the top 100 Arab banks.

Darren Stubing, September 01, 2004

Foreign Exchange

South Africa's search for dynamic growth

South Africa has built stable macroeconomic foundations since the overthrow of apartheid but its potential as a regional leader is still hampered by corporate rigidities, untapped talent reflected in high unemployment, an Aids epidemic and a failure to attract inward investment.

Jonathan Katzenellenbogen, September 01, 2004

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