Latest articles from Capital Mkts

OTC gets an auto-pilot

July 2, 2004

The over-the-counter derivatives market needs to achieve automation and, with this in mind, its representative body, the International Swaps and Derivatives Association, has provided an estimated time of arrival. Natasha de Teran reports.

Boom talk is boring, let’s get gloomy

July 2, 2004

“In a perverse way, it would be good for the [asset backed] market to have some kind of credit event because deals are currently pricing on top of each other. No-one is taking account of structure. We should hope for some kind of limited credit event that will sharpen up our analysis again.” These strong remarks from Mike Nawas, global head of asset-backed securitisation (ABS) at ABN Amro, sum up the state of the securitisation market.

Barclays highlights prepayment fears

July 2, 2004

Bank analysts are paid to worry and so worry they do. Rob Ford, head of asset-backed trading at Barclays Capital, is concerned that prepayment risk is rising and that the impact is not being properly priced in.

Deutsche pulls out stops on Barca night

July 2, 2004

Is it time to sell when Deutsche Bank’s securitisation bosses think that a fitting thank you to their clients is to fly the UK pop group Sugababes to perform for 600 at a specially arranged dinner at a country estate outside Barcelona?

Johnny Cameron

June 2, 2004

CEO, Corporate Bank and Financial Markets, Royal Bank of Scotland
The Royal Bank of Scotland has grabbed the headlines recently for its successful forays in the US market, but the real story is the success of its overall strategy, reports Geraldine Lambe.

Not at home

June 2, 2004

Many banks have left behind private equity and its volatile earnings but a core remain committed to in-house funds. However, Basel II’s proposed increase in the regulatory capital could deal a crippling blow to their investment ability. By Joanna Hickey.

Epic issue proves to be groundbreaking deal

June 2, 2004

In the world of banking, as with most other fields, it is not often that a first can be said to have been achieved. However, says Geraldine Lambe, the E300m AFD 10-year bond issue was, for many reasons, exactly that.

Restructuring edges ABB towards black

June 2, 2004

An ambitious restructuring plan has brought the Swedish-Swiss engineering group a more positive credit rating, which in turn is translating into a healthier order book. However, unsettled asbestos claims remain a large blot on the landscape, says Geraldine Lambe.

Climbing the securitisation yield curve

June 2, 2004

Natasha de Teran explores Europe’s rocketing corporate credit spreads and the resulting surge for asset-backed securities.

Is Google its own worst enemy?

June 2, 2004

No-one should be surprised that the internet visionaries of Google are capital markets’ dinosaurs. While on the one hand they are offering to break the investment banks’ grip on the IPO process when the internet search engine comes to market (an act that may or may not be as progressive as it is billed), on the other they have come up with a shareholding structure that exhibits all the worst features of the most backward models still found in some emerging markets.

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