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Spain: Custody & Settlement

A special report prepared by Chemical Bank and The Chase Manhattan Bank NA.

March 01, 1996

Switzerland: Custody and settlement

A special report prepared by Union Bank of Switzerland.

March 01, 1996

MTN's: A vision of the future

The Euro-MTN market has just passed $500 billion in outstandings. But, despite its obvious importance, few capital markets executives understand fully how the market works - or can see where it is going. With the help of a new Euromoney database, Kieran Clifton explains how EMTNs are poised to take over the international debt market.

March 01, 1996

South Africa: No time for business as usual

The abolition of exchange controls and the start of privatization should do wonders for the illiquid Johannesburg Stock Exchange, but fuller representation of black businesses on the equity market is a vital change that's not so easily accomplished. Mark Ashurst reports from Johannesburg.

March 01, 1996

United Kingdom: Britain's finished revolution

Institutional investors loved privatization in the 1980s when the UK government sold off sleepily run companies with undervalued assets such as Cable & Wireless and Associated British Ports. They are less interested in highly regulated utilities with heavy long-term investment plans - all that's on offer these days. As the government struggles to whip up enthusiasm for this year's disposal candidates, Railtrack and British Energy, Jonathan Ford looks at the end of the City's love affair with privatization.

February 01, 1996

Privatization: Now for the fight back

At the end of last year, world privatization seemed to be out for the count. Disgruntled investors, fed up with buying too many issues that bombed, swore they'd never touch privatizations again. Now government privatization teams, armed with more realistic pricing and some innovative ideas to attract retail investors, are back up and fighting. Could this be the time to buy? By Garry Evans.

February 01, 1996

Fees: Gravy train gets bogged down

Competition is driving down the fees banks charge for running privatization issues. Last year's 3% is heading below 2%. Top firms argue that skimping on fees damages issue quality and, especially, after-sales service. But the same firms are cutting their charges to stay in the game. Peter Lee reports.

February 01, 1996

Cash for the loveable chubbie

I am standing around in this financial mausoleum where the morticians wear frock coats, when I hear voices raised and a mahogany door slams open and out bursts this redhead, yelling: Any more of this expletive deleted from you and I'll take my overdraft elsewhere.

February 01, 1996

Privatization Poll: Who's best at privatization?

Euromoney's poll of government finance ministries, privatized companies, investors and banks puts Goldman Sachs, Merrill Lynch and Morgan Stanley at the top of the privatization rankings. Their European rivals are on the whole less popular, but not as unpopular as, say, the words "French privatization" are to the average investor. By Charles Piggott and Sasha Zbitnoff.

February 01, 1996

Ringing the changes on BT

The wave of privatizations over the last 15 years has spawned new types of legal structure - and specialist lawyers to apply them. By Christopher Stoakes.

February 01, 1996

Opinion

It depends what you mean by privatization

Privatization has been one of the strongest oars rowing the boat of global economic liberalization. By David Roche.

February 01, 1996

Privatization: Way to go

Privatization has got itself a bad name. Investors, burned by poorly-performing issues over the past two years, are no longer excited by it.

February 01, 1996

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