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Market Monitor

Maastrickery, NYSE raps Nomura, Equity placements, EIB's yen handout, Switzerland's test of strength

January 01, 1996

Russia: Sitting out the Russian winter

Russian banks and brokers face a bleak winter. Equity business generated from buying and selling privatization vouchers has dried up, and Russian companies - in urgent need of capital - will not be ready to access the international capital markets for another two to three years. Peter Lee looks at brokers' efforts to bolster the value of Russian company shares and to keep the foreign investors biting.

January 01, 1996

Merrill Lynch: Four legs good, two legs bad

The professionals who left Wall Street firm Merrill Lynch last year compare it with George Orwell's Animal Farm. It's a pretty successful farm, and more human than most. But have the guys at the top pushed their teamwork ethos and those catchy slogans a little too far? Michelle Celarier reports

January 01, 1996

Japan: A game of catch-up

After a disastrous few years, Japanese securities houses have begun to rediscover how to make money in international business. They are cutting costs, building up proprietary trading operations and taking advantage of the demand from Japanese retail investors for foreign bonds. But can they ever catch up with their US and European rivals? Garry Evans reports.

January 01, 1996

Emerging Markets

A sleight of hand, USExim cans the Kazakhs, Shrinking the discount, The battle for Asia, The communist spectre, Jezek fathers more reform

January 01, 1996

BANKING

Why Barings was doomed

It wasn't just the Singapore futures operation that was badly managed. The lack of controls that allowed Nick Leeson to lose $1.4 billion was symptomatic of the lousy way Barings was run throughout Asia. The culture clash between the traders of Baring Securities and the merchant bankers of Baring Brothers meant that most executives cared more about protecting their own departments than about making the group work.

March 31, 1995

CAPITAL MARKETS

Searching for greenshoots

Heavily indebted and with puny domestic savings, Africa ought to offer attractions for interested foreign equity investors. Inflows have increased but local equity markets are thin and illiquid, privatizations halting and company research scanty. Funds with an Africa label feel obliged to buy something Africa-related. Have they always chosen wisely?

Ben Edwards, May 01, 1994

BANKING

The battle plans of Hilmar Kopper

He is the man they said would always remain in the shadow of Alfred Herrhausen, but they were wrong. Hilmar Kopper, speaker of the managing board of Deutsche Bank, is on the way to becoming a giant in world banking in his own right – a name to rival Abs, Ulrich, Guth and Christians. In the first full interview he has given since becoming speaker, he speaks to Padraic Fallon.

January 03, 1994

BANKING

Which is the real Goldman Sachs?

Goldman Sachs has risen to pre-eminence as a global securities house. It is a convincing first in Euromoney's ranking this month of the world's best investment banks. But the US firm has two faces. For its clients it is the vigilant, attentive, even enthralling provider of first-class services. For its rivals it is a mean and aggressive raptor of deals. Which picture is right?

Peter Lee, October 01, 1993

CAPITAL MARKETS

Treasury leads Warburg to anger big clients over BT3

Institutional investors say the market has been rigged in the final offering of British Telecom shares. Warburg may find its efforts to please one client – the Treasury – damage relations with everybody else.

July 01, 1993

BANKING

Is Citi back from the dead?

Citicorp suffered the latest in a series of disasters when president Richard Braddock left in unusual circumstances on the eve of a crucial capitalraising exercise. Its tendency to stumble into trouble has obscured chairman John Reed's success in reviving a bank that teetered on the brink of extinction. But ahead lies the big task of changing Citi's anarchic, competitive culture, with its hunger for revenue rather than profit.

Peter Lee, December 01, 1992

CAPITAL MARKETS

Back to the brink

In July, debt restructuring committee chairman Bill Rhodes described the signing of agreement in principle on a Brazilian Brady plan as the end of the Latin American debt crisis – a month later US bank stocks dipped 1% in a day's trading on fears that the plan would collapse. Brazilian debt prices crashed as the political upheaval in the country deepened. But against the odds, the commercial banks have pushed ahead with the plan.

September 01, 1992

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