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Poll of polls 1997: Battling to join the elite

Euromoney's definitive annual guide to winners and losers in the world's capital markets charts the struggle to join the select group of top-flight firms. But a number of banks have failed to boost their position through acquisitions, and some of the most improved firms are those that have grown organically. A synthesis of all the polls run in the magazine in 1997, the poll evaluates underwriting, trading and advisory activities over the past year. By Rebecca Dobson.

January 01, 1998

Both a lender and a borrower be

With trillions of dollars of securities lent or temporarily sold each day the risks, once thought minimal, began to look higher in November. There's a rethink on counterparty risk and the practice of making a spread on lower-grade collateral, but the credit-spread business is growing. Michelle Celarier reports.

January 01, 1998

BANKING

It's the way he tells them

Reading economic reports can be a chore, even for the committed. So it is hardly surprising that those who write them try to liven them up. Some opt for catchy titles, but at Bankers Trust in London economist Ian Amstead goes that little bit further.

January 01, 1998

After the fun - the real challenge

They were sent from Athens, London and Madrid. They burned the midnight oil and engaged in intellectual debate, hammering out the finer points of monetary union. But by spring, the economists will be rolling up their spreadsheets and leaving Frankfurt as the European Monetary Institute is transformed into the European Central Bank. In the meantime, the battle for influence has to be won all over again. In the committee rooms, it is already beginning. By Laura Covill.

January 01, 1998

Top fifty under forty: Euromoney's rising stars

They flyfish, birdwatch, trek and mountain climb. They have brought us Bowie bonds and Brady bonds. They've worked on privatizations and flotations. They head top banks, have founded their own firms, introduced new markets and strengthened fragile emerging economies. Meet Euromoney's top fifty financial whizzkids from around the world - and take note. They are impressive now, but their peers believe they are destined for even greater things

January 01, 1998

BANKING

Need for stronger Chinese walls

Velvet costs are piling up

January 01, 1998

Keep the equity issues coming ...

Will Asia's economic crisis knock eastern Europe off course? Will political disagreement stall privatization? Will the region's small companies flock to join the stock market? Rebecca Bream gauges the flow of new east European equity in 1998 and looks ahead to the year's biggest deals.

January 01, 1998

Caught with their pants down?

Rating agencies have been strongly criticized for failing to spot the Asian crisis. Investment-grade bonds have been downgraded to junk status - but only after problems have appeared and without much warning. For the first time the agencies are having to justify themselves. Are they as good in Asia as they are in the US? Steven Irvine reports.

January 01, 1998

Buy when the blood flows

When markets crash canny investors seize the opportunity to buy cheap. A few will make huge profits from the turmoil. But it's a risky business. Calling the bottom and selecting recovery stocks is challenging the analysts. No wonder the majority of investors are too terrified to come off the sidelines. Peter Lee talked to strategists about their 1998 plans.

January 01, 1998

Velvet costs are piling up

An easy transition to capitalism is proving a mixed blessing in the Czech Republic. The so-called Velvet Revolution has left many essential works undone. Banks remain in state hands and underegulated markets have encouraged asset stripping and fraud. Then as former prime minister Vaclav Klaus began to get serious about change, his government fell. In the ensuing political stalemate, reform is the chief victim. Nigel Dudley reports.

January 01, 1998

BANKING

The pundit's progress

When Daniel Lian changes his job, the media are sure to follow. When he resigned from the NatWest office in Singapore recently, the permanent Reuters camera, one of only four in the country, also moved out. Sure enough, when he started at ANZ the camera reappeared, enabling his popular television appearances to continue. This is impressive testament to the currency and bond strategist's reputation as a television economics pundit.

January 01, 1998

Syndicated loans: The big squeeze

For years, bankers have been waiting for the bargain basement pricing in the syndicated loan market to bottom. Now, thanks to the Asian financial crisis and, particularly, the troubles facing Japan's banks, it may finally have happened. The funding premium Japanese banks are paying in the market has widened spreads - and in some cases is forcing deals to be pulled altogether.

January 01, 1998

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