Search results for

Bowater Industries has had long experience in the capital markets o the world. It issued ADRs in the US some 30 years ago and has been listed in Switzerland for about 20 years, for example. At a recent Euromoney conference in London, Geoffrey Jones, Bowater's treasurer, addressed some of the main questions that companies face when considering an international stock offering or listing. A number of constraining influences are inherent in the security itself The first 'is the domicile of the security or the paper itself. This is the starting point and the one to which the investor has to relate. Is he interested in a security denominated in a particular currency &om a particular country? He then has to decide - if he does invest in a foreign security - what other considerations must be taken into account when making that investment decision. One of' the most significant considerations is taxation.

Canadian companies are issuing second and third-class paper. Canadian pension funds are buying it, often at inflated prices, because they have no option.

It looks as if Canadian authorities, heavily nagged by investment dealers, won't allow the competition that a de-regulated financial system would produce. And by protecting the puny investment dealers, the authorities might switch the whole Canadian securities industry into a siding.

Canada borrows abroad for one reason: to defend its currency. Any ominous creakings in the Canadian dollar's exchange rate have been silenced traditionally by a combination of private placements and public issues. The most famous private placement is due for repayment this month. Five years ago, the government of Canada borrowed $300 million front the Saudi Arabian Monetary Agency at a coupon of 16 1/4 % .

After years of struggling in the shadow of the New York Stock Exchange, has the Amex finally found a formula for survival'?

THE ARAB ONE HUNDRED

Miguel Joscts Ribeiro Cadilhe, Finance Minister of Portugal, did not consult the foreign bankers last July, before he told them that their minimum capital requirement was raised from $10 to $17 million each - irrespective of assets - and he has refused to see any of them since. Euromoney's correspondent was the first foreigner allowed to ask him, face to face, why he did it.

Be kind to your compliance having a hard time of it. He is the fellow that banks have been hiring to make sure that their new activities - market-making and broking in gilts and equities, added as part of Big Bang. comply with the regulatory framework being put in place under the Financial Services Bill (FSB).

The level of known defrauding by the international financial community is rising fast and set to take a further leap in London on the back of Big Bang.

It was the largest international stock offering ever launched, and the biggest flop in the Euro-equity market to date. The attempt to sell $2.1 billion of Fiat shares in late September - $1.6 billion internationally and $500 million in Italy -left the underwriters with heavy losses and caused acute embarassment for the lead manager, Deutsche Bank Capital Markets. But it also provided some valuable lessons, and most observers agree that thc debacle will not undermine the continued growth of the international equity market.

No one likes to talk about it, but handling discreet money generated by criminal operations has been a growth area for banks. Now there is a threat to their business. New legislation, better co-operation among enforcement agencies and a flurry of mutual assistance treaties have at least a fighting chance of denting the money-laundering game.

No area of the banking system is immune from fraudsters - not even the security team designed to prevent them.