Latest articles from Markets

The secret world of hedge funds and credit derivatives

May 3, 2004

Hedge funds may be cagey about their investment strategies but their use of credit derivatives is doing the market no end of good. Natasha de Teran explains why a lack of transparency is the least of bankers’ concerns.

Train PAs to curb artistic tendencies

May 3, 2004

“She was the Picasso of con men. She was brilliant.” That is how Scott Mead, the former Goldman Sachs dealmaker described Joyti De-Laurey, the secretary who stole £4.4m from his bank account and those of two other Goldman bankers. She was found guilty by a London court in April.

GDP measurement bugs Bulgaria

May 3, 2004

Measuring GDP is an extremely complex and error-prone process. Investment pay-outs on bonds should be based on criteria that are definitive and easy to measure. For that reason, linking payments to the growth in a country’s GDP could never be anything other than challenging even though the sense of the idea (you pay more when you earn more) is indisputable.

Custodians could catch China outflow

May 3, 2004

The big issue in China is not inward investment but outward investment. Even as the queue for QFII (Qualified Foreign Institutional Investors) status lengthens (allowing access to China’s renminbi denominated A shares market, the bulk of stock market capitalisation), the talk is of when China’s own insurance and social security funds may be allowed to venture overseas freely and openly.

Dutch issuers strive to satisfy investors

May 3, 2004

Investor appetite for Dutch paper is strong but getting a slice of action can be tricky with the low level of offerings. Michael Marray reports.

The cutting edge of debt tools

May 3, 2004

Agence France Trésor has been a pioneer of European inflation-linked bonds. Natasha de Teran interviews chief executive Bertrand de Mazičres about the development of these debt instruments.

Linkers market diversity grows

May 3, 2004

Although sovereign issuers have so far dominated the inflation-linked bond market, the number and diversity of issuers is beginning to grow along with the investor base.

Brian Lawson

April 5, 2004

Following a critical reorganisation, Brian Lawson, chief operating officer fixed income, Europe, at Nomura, says the business is once again ready to recapture its pre-1998 position. He talked to Geraldine Lambe about the focus of building intelligent, long-term businesses.

Foreign banks join Russia’s capital markets party

April 5, 2004

As the economic good times roll in Russia, foreign banks are either bolstering their current operations or looking for a way in, says Geraldine Lambe.

How having a history

April 5, 2004

In last month’s HBOS securitisation, Citigroup proved that a long-term relationship is still the rock on which deal-making is built. Mark Pelham talks to Citi’s team about the largest retail mortgage-backed securities deal ever seen.

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