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BANKING

Against the odds

Another one bites the dust

August 01, 1999

Seven months on, is the euro succeeding or failing?

Don't fall prey to confusing a successful currency with a strong one, says Avinash Persaud. The euro fits the description of a credible currency. The euro corporate bond market is thriving and the euro is quickly gaining a vehicle currency and international role. Non-government markets are being revitalized, let's not underestimate the power of change.

August 01, 1999

Litany of rules that lag on-line banking

With more banks keen to explore internet banking, the legal and regulatory problems remain immense. But there are ways to minimize their impact. By Christopher Stoakes

August 01, 1999

Peregrine: The case of the double haircut

Some swap counterparties of defunct Hong Kong investment bank Peregrine are claiming a double discount on what they owe its liquidators. Ridiculous? Perhaps, but uncertain enough for an appeal to a UK court. The implications, for swap documentation and close-out netting with poor-credit counterparties, could be huge. By David Shirreff.

August 01, 1999

International equity: Deutsche Telekom's bumpy ride

Deutsche Telekom's €11 billion share issue in late June was like the company itself: too big to ignore and surrounded by controversy. Retail investors in Germany, Italy and even Japan rushed to buy the deal. But institutional investors took a dimmer view. Alex Mathias reports.

August 01, 1999

BANKING

A plug for Turkish integrity

Another one bites the dust

August 01, 1999

BANKING

Pots, plots and fair shares

Hope, fear and wonder as a new market opens

August 01, 1999

Pfandbrief forum: Big - and getting bigger

The Pfandbrief market is now the single biggest bond market in Europe. The jumbo market, which accounts for 25% of Pfandbrief issuance, grew by 80% in 1998 and is now bigger than several European government bond markets. We asked eight key players where this market is going.

August 01, 1999

Greenwich Capital: NatWest's out of town success story

In the first of a series of articles examining the businesses of foreign banks in the US, Antony Currie looks at UK bank NatWest's investment banking and treasury operations. He starts with a day trip to Greenwich Capital, the fixed-income boutique bought in 1996 that has survived NatWest's investment-banking retrenchment and is now leading from the top. He then returns to New York, to a stellar performance from the treasury group, Global Financial Markets.

August 01, 1999

What Euroland is doing right

Euroland finally seems to be accelerating. Price stability has been achieved and few question its sustainability. The bond market is a clear success for the euro and a broad range of borrowers have emerged. We should not view these developments as a flash in the pan. The European Commission has come up with a plan, Graham Bishop considers its implications.

August 01, 1999

BANKING

Victor Basta, Managing director, Europe, Broadview

Ruggero Magnoni, Vice-chairman, Lehman Brothers (Europe)

August 01, 1999

Equity derivatives: Riding the tiger of volatility

Few other areas of international finance have been as disaster-strewn in recent years as equity derivatives. A succession of investment banks, including UBS, NatWest, and Bankers Trust, have been spectacularly blown up. And last year there were widespread losses after a European retail boom in guaranteed products left dealers short of volatility. But still newcomers are queuing to join the market. Marcus Walker asks the elite players how they adapt and survive.

August 01, 1999

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