Search results for

Country Risk: Switzerland takes a tumble

At the eleventh hour, German bankers have begun lobbying to save Frankfurt's financial market. But the legislation they want may come too late to make the city a leading financial centre

Credit research has leapt out of the back office. Spotting a cute arbitrage can make millions and banks are paying up for creative users of this fundamental talent. Their thinking? With the coming of the euro, credit differential will be a bigger factor. And in Asian markets there's growing demand for credit expertise. Brian Caplen encounters some at the cutting edge.

Country Risk: Switzerland takes a tumble

Can Germany's Bund become the sovereign benchmark bond in Europe after the introduction of Europe's single currency in 1999? The debt office in Bonn and the Bundesbank have both made urgent reforms, but the government continues to shirk vital decisions. And the lacklustre performance of the government suggests that borrowing targets may be missed. The consequences will be serious both for interest rates and Germany's standing in European capital markets

Not only equity markets deserve the rough side of Alan Greenspan's tongue, say the market bears with increasing ferocity. Look at the debt markets. Fools are rushing into longer risk and less safe credits which should be the hunting-ground of specialists, warn the Cassandras of the capital market.

The derivatives markets have reached a new peak of maturity. Digital and barrier products are commonplace; trades in unusual currency and asset markets are growing in size and volume; and vanilla instruments are being used in ever more sophisticated combinations. Mark Parsley reports.

Istanbul Stock Exchange (ISE) has opened its offshore International Market with the launch of trading in Turkish Eurobonds.

The vogue for euro-linked paper offers German issuers a chance to detach themselves from the fortunes of the Deutschmark bond market. Some big issuers believe the domestic bond market will continue to have plenty to offer; others are betting that the new European currency, the euro, will offer the liquidity they seek

February is the festive season for London's trading community; another record year for bonuses has the City festooned in bright new ties, sharply cut suits, and swaying to the sound of champagne corks. "You all look pretty well on it", commented Eddie George, governor of the Bank of England, in his opening address at the Euromoney international bond conference. That's hardly surprising when a top earner can have a bonus as high as eight times his salary. But the champagne-induced hangovers of celebrating traders are nothing compared with the headaches high bonuses are causing their managers.

Quality and quantity now characterize the Eurosterling marketplace. A growth in corporate paper and Fannie Mae's issue ­ the first sterling global ­ are factors attracting global investors. Katherine Baxendale reports on the forces behind the rise of the sterling bond.

Wall Street's best-kept secret