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For family and the state

Shielded from the full force of international competition, suckled by a government with a voracious appetite for debt, banking in Turkey has long been a very profitable business. But the country's big family-owned banks know this state of affairs can't last for ever. They are investing in technology and broadening their business mix. And any foreigner with a $2 billion appetite for Turkish risk might find a welcome in at least one bank boardroom. Metin Munir reports.

November 01, 1998

BANKING

Caught in a credit crunch

Since the beginning of the international financial crisis the Turkey premium has gone up and the availability of credit has declined, leaving many banks with liquidity problems. Foreign investors in Turkish stocks and bonds have fled, joining the general stampede from emerging markets.

November 01, 1998

BANKING

Bonds with a Boxster boost

Marketing strategies in the newly competitive Italian banking sector are becoming increasingly bizarre - the latest ploy is a lottery linked to a bond issue that offers Porsche cars as prizes.

November 01, 1998

Opinion

Why cutting rates won't work

Global interest rates are falling, and will fall dramatically. Alan Greenspan has already cut rates by 0.5%, with one surprise cut in between meetings of the Federal Reserve. And the Fed is going to cut some more this month.

November 01, 1998

BANKING

Letter: IMF is no supercop

Sir,

November 01, 1998

BANKING

Our Man in Nomura

Many market participants in Asia reckon the region is overbroked. Nomura is more sanguine, continuing apace its recruitment drive. Its latest hiring is veteran research star Bill Overholt to head Asian strategy.

November 01, 1998

When triple A is not enough

It's a tough time for issuers in the Eurobond markets. So tough that only the big agencies and supranationals are getting much of a look in. Even they, though, are having to bend to the wind, issuing at wider spreads, making quasi-private placements and reopening existing bonds. Are nervous investment bankers offering them poor value? Marcus Walker reports.

November 01, 1998

BANKING

Banks without a role model

Those wiseacres who say there is no such thing as systemic risk have been proved right again. Look, no global meltdown, no market chaos of Herstatt or even Black Monday proportions.

November 01, 1998

The relationship starts to change

Until a few months ago syndicated lending was a borrower's market. Banks were desperate to do deals and offered seductive terms. Now the bankers have stopped calling. They're sitting back and revising the rules of the game. From now on they want it played on their terms. Michael Peterson reports.

November 01, 1998

BANKING

Warburg losses?

Yet more losses are rumoured at Warburg Dillon Read, this time in the bank's European closed-end fund sales department. The team tracks, researches and makes markets in closed-end funds, has 40 dedicated analysts and salespeople, and is the biggest player in the market.

November 01, 1998

Reasons to be cheerful

Have we seen the worst? That's the question bankers, issuers and investors are asking after the spectacular recoveries in several emerging stock markets and the reopening of various sectors of the bond and equity markets.

November 01, 1998

BANKING

Make FRNs and influence people

In the wake of the global economic crisis there are victims on both sides. Investors have excess cash but are afraid to move it. Issuers need to raise capital but are afraid to sacrifice their hard-won reputations with issues that flop.

November 01, 1998

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